Financial Transparency Coalition

With the €1 Trillion the EU governments lose each year to tax dodging at stake. The prospect of a debt ridden jobless future has EU the asking questions. DG TAXUD the tax arm of the EU civil service will prepare a communication by December on the broad topic of tax havens and unfair tax competition.

Reports on Brazil, Chile, Costa Rica, Cyprus, the Czech Republic, Guatemala, Malta, Mexico, Saint Vincent and the Grenadines and the Slovak Republic evaluate whether their national laws allow transparency and international exchange of tax information (Phase 1). The review of Korea also looked at the effectiveness of Korea’s exchange of information in practice (Phase 1 plus Phase 2). These reports bring to a total of 70 the number of peer review the g Global Forum has completed since March 2010.

WASHINGTON, DC – Global Financial Integrity (GFI) welcomed an initiative by the OECD’s first Global Forum on Transfer Pricing today to simplify and strengthen international transfer pricing standards, but noted the need to engage a wide variety of developing countries as the Global Forum moves forward with its work.

The OECD Working Group on Bribery has just adopted its first evaluation report of Russia’s implementation and enforcement of the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (OECD Anti-Bribery Convention). The Working Group on Bribery notes that some concerns remain in Russia’s legislation for fighting foreign bribery that will need to be further reviewed during Phase 2.