Global Forum Secretariat assists Trinidad and Tobago in implementing the standards on transparency and exchange of information for tax purposes

 

14/03/2024 - From 4 to 8 March 2024, experts from the Global Forum Secretariat visited Port of Spain, Trinidad and Tobago, to discuss the progress achieved and remaining challenges in the implementation of the standards on transparency and exchange of information for tax purposes.

The Secretariat provided technical support in preparation of the upcoming second-round peer review on transparency and exchange of information on request, scheduled to be launched in the second quarter of 2024, against terms of reference that require the availability of and access to beneficial ownership information.

In addition, assistance was provided in the implementation of the Standard for Automatic Exchange of Financial Account Information as well as in the process to join the Convention on Mutual Administrative Assistance in Tax Matters, the most comprehensive multilateral instrument available for all forms of tax co-operation to tackle tax evasion and avoidance.

Various meetings with government representatives and the private sector were organised, including with the Ministry of Finance, the Board of Inland Revenues, the Central Bank, the Commercial Register, the Financial Services Commission, the Financial Intelligence Unit. The Global Forum Secretariat also met the Minister of Finance, The Honourable Colm Imbert, to exchange views on Trinidad and Tobago’s participation to the Global Forum's work and its implementation of the tax transparency standards.

The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the standard of transparency and exchange of information on request and the standard of automatic exchange of financial account 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.

For more information, please contact gftaxcooperation@oecd.org.