26/05/2023 - The Secretariat of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) facilitated a virtual seminar on automatic exchange of financial account information (AEOI) from 22 to 26 May 2023 for officials from Kenya Revenue Authority. The seminar, delivered in co-operation with the African Tax Administration Forum, included a two-day stakeholder consultation with over 230 participants from Kenya’s financial industry.
The Secretariat presented the key requirements of the AEOI standard and detailed the essential prerequisites for its effective implementation. Participants were also briefed on the Global Forum’s AEOI peer review methodology and process. The event helped attending tax officials better understand the key concepts and requirements for an effective implementation of the AEOI standard, in preparation for Kenya’s first automatic exchanges in 2024. The stakeholder consultation helped representatives of Kenya’s financial industry better understand the due diligence and reporting obligations of financial institutions for implementing the Common Reporting Standard.
The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the exchange of information on request standard and the standard of automatic exchange of information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.
The Global Forum capacity-building programme is supported by the following development partners:
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