Global Forum on Transparency and Exchange of
Information for Tax Purposes
Peer review of the implementation of the international
standards for transparency and exchange of information
for tax purposes.
PHASE 1 QUESTIONNAIRE
[ NAME OF JURISDICTION ]
[ date ]
1
PHASE 1 QUESTIONNAIRE
This questionnaire is the primary means by which the authorities in the jurisdiction being reviewed can
provide detailed input to Phase 1 of the review process. The information sought relates directly to the
essential elements, and the enumerated aspects for those elements, in the Terms of Reference to Monitor
and Review Progress Towards Transparency and Exchange of Information For Tax Purposes (ToR).
Responses to the questionnaire should describe the measures that are currently in place. Clear references
should be made to relevant provisions in legislation or other legal instruments. Respondent jurisdictions
should also describe those concrete measures or changes which are not yet in place, but which have been
developed and will likely be implemented – these measures should be clearly delineated from those that
are already in place. Finally, authorities may also set out any additional analysis or commentary that they
believe would assist the assessors in carrying out the evaluation e.g. their analysis of the effectiveness of
the measures in place.
Respondents are not limited to the space provided for answers. All response boxes are required to be filled.
If a question does not apply to your jurisdiction you will need to indicate that this is the case and explain
why it does not apply.
All necessary laws, regulations, guidelines (whether at the federal or sub-national level) and other relevant
documents should be provided along with the response to the questionnaire. All tax information exchange
agreements and relevant articles of double tax conventions should also be provided. Information and
documents should be in the language of the evaluation and the original language (unless otherwise agreed
with the assessment team), and both these documents and the responses to the questionnaire should be
provided in an electronic format.
As outlined in the Global Forum’s Methodology for Peer Reviews, the assessed jurisdiction should provide
its responses to the questionnaire (and any additional questions) within a maximum of 4 weeks of receipt
of the questionnaire. It is essential that the material be provided on time.
The respondent jurisdiction should provide information for each section of the questionnaire set out below.
2
Introduction
This introductory section is intended to provide assessors with an overview of the jurisdiction’s legal,
commercial and economic circumstances in so far as these are relevant to the jurisdiction’s system for the
exchange of information for tax purposes. It is intended that respondents provide only brief descriptions
sufficient to give assessors an overall context in which to understand the jurisdiction’s responses to the
substantive questions that follow.
1.1
Please provide general information on the legal system (e.g. the hierarchy of laws, whether the
legal system is based on civil or common law or some other legal tradition, whether the legal system relies
on a single national law or is divided between federal and sub-national powers) and the taxation system of
your jurisdiction.
Response
1.2
Please provide an overview of the financial sector and other professions relevant to the exchange
of information for tax purposes in your jurisdiction (including the types of financial intermediaries and
activities provided for under your legislation and how each of such categories is authorized/regulated
and/or supervised).
Response
1.3
Please provide an overview of commercial laws governing legal persons and arrangements
relevant to the exchange of information for tax purposes in your jurisdiction.
Response
1.4
Please provide a description of any other relevant factors (such as policies regarding anti-money
laundering or securities regulation) that affect the development of the framework for transparency and
exchange of information for tax purposes in your jurisdiction.
Response
1.5
Please highlight any significant changes relevant to the administration of exchange of
information that have been recently introduced in your laws in relation to companies, partnerships, trusts,
3
foundations or other relevant entities and arrangements1 as well as any anticipated amendments (to the
extent that these can be made public) over the next twelve months.
Response
The term ‘Relevant Entities and Arrangements’ includes: (i) a company, foundation, Anstalt and any similar
structure, (ii) a partnership or other body of persons, (iii) a trust or similar arrangement, (iv) a collective investment
fund or scheme, (v) any person holding assets in a fiduciary capacity and (vi) any other entity or arrangement deemed
relevant in the case of the specific jurisdiction assessed.
1
4
PART A (Availability of Information)
This part of the questionnaire is intended to assist in reviewing the availability of ownership, identity and
accounting information. It is divided into six sections dealing respectively with the availability of
ownership, identity and accounting information in the case of Companies, Partnerships, Trusts,
Foundations and other Relevant Entities and Arrangements, and the availability of bank information.
Section A1. Companies
Background
1.1
Types of companies. Does your law provide for the creation of different types of companies? If
so, please identify the different types of companies. (ToR A.1.1)
Response
a)
Ownership Information
Ownership Information Held by Government Authorities
1.2
Ownership information on domestic companies. Are companies formed under your jurisdiction’s
company laws required to be registered or file tax returns under those laws? If so, please indicate with
which authority they are required to register or file with and what type of information is required to be
disclosed regarding ownership of the company (e.g. is there a requirement to disclose the legal owners of
the company or the ultimate owners where there is a chain of ownership), whether changes in ownership
are required to be disclosed and what the sanctions are for non-compliance? If your tax or company law
does not require disclosure of ownership information or does not require disclosure of changes in
ownership information, please indicate whether such information is required to be disclosed to another
government authority (e.g. regulatory authority). In addition, if more extensive disclosure (e.g. disclosure
of ultimate owners in a chain of ownership) is required to be made to another government authority, please
indicate the nature of such disclosure and the circumstances in which such disclosure is required (e.g.
ownership above a certain threshold). What are the sanctions for non-compliance? (ToR A1.1)
Comment: If your law provides for the creation of different types of companies and the ownership
information reporting requirements differ materially depending on the type of company, please indicate
what the requirements are for each type of company.
Response
5
1.3
Ownership information on foreign companies. Under what conditions, if any, is information on
the ownership of companies formed under the laws of another jurisdiction available directly or indirectly to
your competent authority?2 In particular, are companies formed under the laws of another jurisdiction that
have a sufficient nexus with your jurisdiction (e.g. that are resident there for tax purposes) required to be
registered or file tax returns under your company law? If so, please identify the relevant authority and
indicate what, if any, information is required to be disclosed regarding the owners of the company (e.g. is
there a requirement to disclose the legal owners of the company or the ultimate individual owners where
there is a chain of ownership), whether changes in ownership are required to be disclosed, and what the
sanctions are for non-compliance. Is such information required to be disclosed to another government
authority (e.g. regulatory authority)? What are the sanctions for non-compliance? (ToR A1.1)
Response
1.4
Special provisions. Please indicate whether your law on ownership information or your laws
governing accounting information differ based on whether a company is owned by residents or nonresidents or whether or not the company carries on business activities in your jurisdiction. Where such
differences exist, please provide details. (ToR A.1.1)
Response
Ownership Information Held by Companies
1.5
Information held by companies. Under what circumstances is information regarding the
ownership of a company formed in your jurisdiction required to be held by that company and what
information is it required to hold (e.g. is it required to know who the legal owners of its shares are or who
the ultimate owners are where there is a chain of ownership): a) in the case of publicly traded companies;
and b) all other companies? What are the sanctions for non-compliance? In such circumstances, is
information, if any, required to be maintained by the company in a shareholders or members’ register or
similar record? (ToR A.1.1)
Comment: If your law provides for the creation of different types of companies and the information
requirements differ materially depending on the type of company, please indicate what the requirements
are for each type of company. For example, in some jurisdictions owners of public and private companies
may be required to notify the company of their interest in the company only if such interest exceeds a
certain threshold.
Response
The term “competent authority” means the person or government authority designated by your jurisdiction as
being competent to exchange information pursuant to a double tax convention or tax information exchange
agreement.
2
6
Ownership Information Held by Nominees and Service Providers
1.6
Nominee ownership. In the case of nominee ownership, what information, if any, is a nominee
required to have under your law regarding the identity of the person on whose behalf the shares are held: a)
at the time the nominee first holds the shares; and b) at all times thereafter, including each time the
beneficial ownership changes? For example, is the nominee required to know the ultimate individual owner
of the shares or merely the next legal owner in the chain of ownership? (ToR A.1.1)
Comment: Nominee shareholdings occur where the legal owner of an interest in a company is not the
beneficial owner of the interest.
Response
1.7
Bearer shares. If your law allows for the issuance of bearer shares what, if any, mechanisms are
available to your authorities to establish the identity of the owners of such shares for the purpose of
responding to a request for exchange of information for tax purposes? (ToR A.1.2 and A.1.6)
Comment: Examples could include bearer shares that are required to be held by designated custodians in
your jurisdiction or that can only be issued under limited circumstances. If your jurisdiction’s laws in this
respect have changed recently, please also explain how your laws deal with shares issued prior to such
changes. In discussing the mechanisms for establishing the identity of owners of bearer shares, please
specify whether your government authorities need to go through a judicial process to obtain the
information and if so, please describe the process.
Response
1.8
Service providers. Does your jurisdiction have any laws or regulations that require persons
providing services to a company to identify the owners of a company (e.g. is there a requirement to know
the legal owners of a company or the ultimate individual owners where there is a chain of ownership), and
is there a requirement to monitor changes in ownership? If so, please specify what these requirements are
and what the sanctions are for non-compliance. (ToR A.1.1)
Comment: Service providers, such as lawyers or auditors or company formation agents, may be subject to
anti-money laundering legislation or other regulations that require them to identify owners of client
companies.
Response
7
Ownership Information Held by Directors and Officers
1.9
Information held by directors and officers. Are there any circumstances in which companies
formed under the laws of your jurisdiction are required to have one or more resident directors or other
officers? If so what, if any, information are they required to have regarding the ownership of the company?
(ToR A.1.1)
Response
Ownership Information Held by Other Persons
1.10
Are there any persons other than the government authorities or persons mentioned in questions
A.1.2 through A.1.9 above, that under your laws are required to have ownership information on
companies? If so, please describe. (ToR A.1.1)
Response
Documentation Retention Requirements
1.11
Retention period. Where there is an obligation on any person or government authority to have
ownership information, for how long is such information required to be kept? Please also state whether the
document retention period is affected by possible subsequent events (e.g. liquidation of the company or
termination of the business relationship). (ToR A.1.1)
Comment: Different types of companies may be subject to different requirements in this regard. Any
distinctions between different types of companies should be highlighted. Companies may also be subject to
multiple obligations, e.g. one for company law and another for tax law. You may choose to cite some or all
of these obligations or you may provide a single response using the maximum period for which ownership
information would be available for purposes of exchange of information in tax matters.
Response
1.12
Information held within your jurisdiction. Where ownership information is required to be kept in
respect of a company by a person other than a government authority, is the information required to be kept
within your jurisdiction? (ToR A.1.1)
Response
8
b)
Accounting Information
Accounting Information Held by Companies
1.13
Obligation to keep accounting records. Is there an obligation on companies formed in your
jurisdiction to keep accounting records? If so, please specify whether this obligation arises under your
jurisdiction’s company law, tax law or other law. (ToR A.2)
Comment: If your law provides for different types of companies, and record keeping requirements differ
materially depending on the type of company, please indicate what the requirements are for each type. If
companies are subject to multiple obligations to keep records, for example under company law and tax
law, it is sufficient to state only one but you are free to add the others if you so wish.
Response
1.14
Type of accounting records. If accounting records must be kept by companies formed under the
laws of your jurisdiction, please explain the nature of the records that are required to be kept. In particular,
is there a requirement in all cases that records should:
a)
correctly explain the company’s transactions;
b)
enable the company’s financial position to be determined with reasonable accuracy at any time;
c)
allow financial statements to be prepared;
d)
include underlying documentation such as invoices, contracts, etc.? (ToR A.2.1)
Comment: It is sufficient in responding to this question to provide general commentary on your
jurisdiction’s record keeping requirements, provided these cover items a) through d) above. Such
requirements may arise under your jurisdiction’s company law, tax law or other law, in which case you
should identify the relevant legislation. If more onerous requirements are imposed on certain types of
regulated companies, such as banks, these do not need to be described. However, if record keeping
requirements differ for different types of companies and the requirements for particular types of companies
are more limited than those referred to in a) through d) above, these should be described.
Response
Accounting Documentation Retention Requirements
1.15
Retention period. What is the minimum retention period for which accounting records are
required to be kept in respect of companies formed under your law? If retention periods vary depending on
the nature of the company or its connection with your jurisdiction, please describe. Please also state
whether the documentation retention period is affected by possible subsequent events (e.g. liquidation of
the company). (ToR A.2.3)
9
Comment: Different types of companies may be subject to different requirements in this regard. Any
distinctions between different types of companies should be highlighted. Companies may also be subject to
multiple obligations, e.g. one for company law and another for tax law. You may choose to cite some or all
of these obligations or you may provide a single response using the maximum period for which accounting
records would be available for purposes of exchange of information in tax matters.
Response
1.16
Information kept within your jurisdiction. Where accounting information is required to be kept in
respect of a company by a person other than a government authority, is it required to be kept within your
jurisdiction? (ToR A.2)
Response
10
Section A2. Partnerships
Background
2.1
Types of partnerships. Do your laws provide for different types of partnerships? If so, please
identify the different types.
Response
a) Ownership Information
Information Held by Government Authorities
2.2
Ownership information on partnerships. What information is required to be maintained by
government authorities in respect of partnerships that: (i) have income, deductions or credits for tax
purposes in your jurisdiction; (ii) carry on business in your jurisdiction; or (iii) is a limited partnership
formed under the laws of your jurisdiction (relevant partnership). For example are they required to be
registered or file tax returns under the laws of your jurisdiction? If so, please indicate which authority they
are required to register or file tax returns with (e.g. a tax or regulatory authority) and what type of
information is required to be disclosed regarding the identity of the partners, including ongoing changes
(e.g. is there a requirement to disclose the identity of the partners or, in the case of partners that are
companies, the ultimate owners of the companies and if so does the requirement apply only for certain
owners such as owners above a certain ownership threshold). What are the sanctions for non-compliance?
(ToR A.1.3)
Comment: If your law provides for different types of partnerships or different types of partners (e.g.
general or limited) and the information reporting requirements differ materially depending on the type of
partnership or partner, please indicate what the requirements are for each type.
Response
Information Held by Service Providers
2.3
Service providers. Are there any laws or regulations that require persons providing services to a
relevant partnership to identify the partners, and does such a requirement apply in some or all cases? If so,
please specify what these requirements are, the circumstances under which they apply, and the sanctions
for non-compliance. (ToR A.1.3)
Comment: For example, some service providers, such as lawyers or auditors, may be subject to anti-money
laundering legislation that requires them to identify partners in partnerships.
11
Response
Information Held by the Partnership or Partners
2.4
Under what circumstances is information regarding the identity of partners in a relevant
partnership required to be kept under your laws by the partners or partnership? What information is
required to be kept and who is required to keep it (e.g. the partnership, or particular partners, such as a
general partner)? Is this information required to be maintained in a register or other similar record? (ToR
A.1.3)
Comment: If the requirements differ depending on the type of partnership involved, please describe the
requirements in each case.
Response
Information Held by Other Persons
2.5
Apart from the persons mentioned in questions A.2.2 through A.2.4, above, are there any other
persons that under your law are required to have ownership information on relevant partnerships under any
circumstances? If so, please identify the persons concerned, describe what information they are required to
have and the purposes for which the information is held. (ToR A.1.3)
Response
Documentation Retention Requirements
2.6
Retention period. Where, in any of the above cases, there is an obligation on any person or
government authority to have information on the identity of persons with an interest in a relevant
partnership, for how long is such information required to be kept? Please also state whether the document
retention period is affected by possible subsequent events (e.g. dissolution of the partnership or termination
of the business relationship). (ToR A.1)
Comment: Different types of partnerships may be subject to different requirements in this regard. Any
distinctions between different types of partnerships should be highlighted. Partnerships may also be
subject to multiple obligations, e.g. one under partnership law and another under tax law. You may choose
to cite some or all of these obligations or you may provide a single response using the maximum period for
which identity information would be available for purposes of exchange of information in tax matters.
12
Response
2.7
Information kept within your jurisdiction. Where such information is required to be kept in
respect of partnerships by a person other than a government authority, is the information required to be
kept within your jurisdiction? (ToR A.1)
Response
b) Accounting Information
Accounting Information held by Partners and Partnerships
2.8
Obligation to keep accounting records. Are accounting records required to be kept in relation to
relevant partnerships under the laws of your jurisdiction? If so, please specify whether this obligation
arises under your jurisdiction’s partnership law, tax law or other law. (ToR A.2)
Comment: If your law provides for different types of partnerships and the record keeping requirements
differ materially depending on the type of partnership, please indicate what the requirements are for each
type. If multiple obligations exist for example under partnership law and tax law, it is sufficient to state
only one, but you may state others if you so wish.
Response
2.9
Type of accounting records. If, under the laws of your jurisdiction, accounting records are
required to be kept in relation to relevant partnerships, please explain the nature of the records that are
required to be kept and on whom the obligation is imposed. In particular, is there a requirement in all cases
that records should (ToR A.1 and A.2.2):
a)
correctly explain the partnerships’ transactions;
b)
enable the partnerships’ financial position to be determined with reasonable accuracy at any
time;
c)
allow financial statements to be prepared;
d)
include underlying documentation such as invoices, contracts, etc.?
Response
13
Accounting Documentation Retention Requirements
2.10
Retention period. What is the minimum retention period for keeping accounting records relating
to relevant partnerships? Please also state whether the documentation retention period is affected by
possible subsequent events (e.g. dissolution of the partnership). (ToR A.2.3)
Comment: Different types of partnerships may be subject to different requirements in this regard. Any
distinctions between different types of partnerships should be highlighted. Partnerships may also be
subject to multiple obligations, e.g. one under partnership law and another under tax law. You may choose
to cite some or all of these obligations or you may provide a single response using the maximum period for
which accounting information would be available for purposes of exchange of information in tax matters.
Response
2.11
Information kept within your jurisdiction. Where accounting information is required to be kept in
respect of partnerships, is it required to be kept within your jurisdiction? (ToR A.2)
Response
14
Section A3. Trusts
Background
3.1
A.1.4)
Recognition of trusts. Is it possible to create a trust under the laws of your jurisdiction? (ToR
Comment: The trust concept encompasses a wide variety of arrangements. Essential to all of them is the
transfer of legal ownership and control from a settlor to a trustee(s). Definitions of trusts are also to be
found in the domestic trust laws of those jurisdictions that have specific legislation that applies to trusts. If
your laws provide for the creation of different types of trusts please provide details on each of these.
Response
3.2
Establishment of trusts. Is it possible to create a trust through a service provider resident in your
jurisdiction? (ToR A.1.4)
3.3
Non-resident settlors and beneficiaries. Are there specific provisions governing the formation of
trusts: i) for non-residents (settlors or beneficiaries) in your jurisdiction; or ii) where the assets settled in
the trust are located outside your jurisdiction? (ToR A.1.4)
Response
3.4
Persons that can act as a trustee. Summarise your law governing any limitations or requirements
governing who may act as a trustee in your jurisdiction and under what circumstances. In particular,
describe those circumstances in which only a restricted group of persons may act as trustees, such as
licensed trustees, banks or insurance companies. (ToR A.1.4)
Comment: Note the term “trustee” is deemed to include a trust protector, administrator, and each other
person (regardless of that person’s applicable title with regard to the trust) who, under the terms of the
trust and/or applicable law, has responsibility for the distribution and/or administration of the trust,
whether or not that authority must be exercised in a fiduciary capacity, is shared with another person or
persons, or is limited in its scope.
Response
15
Comment to questions 3.5 to 3.8 below: These questions are intended to cover, among other things, the
situation where residents of a civil law jurisdiction, the laws of which do not contain the concept of trusts,
act as fiduciaries/trustees of trusts created under another jurisdiction’s law. Such jurisdictions may, for
example, be signatories to the Hague Convention on the Law Applicable to Trusts and on their Recognition
or other international agreements and therefore recognise the concept of a trust formed under foreign law.
Other jurisdictions while not recognising the concept of trust and trustee per se, may nevertheless treat
“trustees” as fiduciaries. In either case, the jurisdiction concerned should complete the relevant questions
in relation to foreign trusts.
3.5
Fiduciaries generally. Does your law prohibit a resident of your jurisdiction from acting as a
trustee or otherwise in a fiduciary capacity in relation to a trust formed under foreign law? (ToR A.1.4)
Response
3.6
Administrators. Does your law prohibit a resident of your jurisdiction from administering a trust
governed under foreign law? (ToR A.1.4)
Comment: This question is intended to cover the situation where residents of a civil law jurisdiction, the
laws of which do not contain the concept of trusts, act as administrators of trusts created under another
jurisdiction’s law.
Response
3.7
Does your law prohibit a resident of your jurisdiction from serving as a trust protector under the
terms of a trust, whether governed under domestic or foreign law? (ToR A.1.4)
Response
3.8
Does your law prohibit a resident of your jurisdiction from having responsibility for the
distribution and/or administration of a trust, whether or not that authority must be exercised in a fiduciary
capacity, or is shared with another person or persons? (ToR A.1.4)
Response
16
a) Identity Information
Information Held by Government Authorities
3.9
Registration of trusts. Under what circumstances, if any, are trusts required to be registered, file
tax returns or file any other information with any government authority in your jurisdiction and, if so, with
what authority? (ToR A.1.4)
Comment: If some trusts, such as charitable trusts, are required to be registered but others are not, or if
registration depends on the residence of the settlors or beneficiaries (see question A.3.2 above) you should
identify the trusts that are required to be registered and those that are not. Please also note that a
trustee/fiduciary may have to disclose the trust arrangement as part of the trustee’s tax filing obligation
and that such disclosure should be treated as a registration.
Response
3.10
Information required for registered trusts. If trusts are required to be registered, file tax returns or
file other information with any government authority, please describe what information is required to be
supplied to the authorities regarding the identity of the settlor, trustees and beneficiaries and the sanctions
for non-compliance. Please also specify how the registration requirement operates in the case of a
discretionary trust (i.e. a trust where the interests of the beneficiaries are not fixed but depend upon the
exercise by the trustee of some discretionary powers in their favour). (ToR A.1.4)
Comment: If your law provides for the creation of different types of trusts, and the information reporting
requirements differ materially depending on the type of trust, please indicate what the requirements are for
each type of trust.
Response
Information held by Trustees and Service Providers
3.11
Trustees. In respect of trusts: (i) created under the laws of your jurisdiction; (ii) administered in
your jurisdiction; or (iii) in respect of which a trustee is resident in your jurisdiction, what information is a
resident trustee required to have regarding the identity of:
(a) settlors,
(b) trustees, and
(c) beneficiaries?
What are the sanctions for non-compliance? (ToR A.1.4)
Comment: Identification requirements may be placed on a trustee as a matter of trust law, tax law, or, for
example, because trustees are subject to anti-money laundering or financial regulatory legislation that
imposes customer identification requirements on them. The basis for the obligation should be stated. In
17
some jurisdictions a distinction exists for anti-money laundering purposes between the requirements that
apply to trustees that are professionals, such as lawyers or accountants, and other trustees. Where such
distinctions exist, they should be described. Distinctions may also exist depending on the type of trust (e.g.
discretionary as opposed to a fixed trust) and such distinctions should be described as well. Of particular
interest is what information a trustee is required to have in the case of a discretionary trust. See also the
comment on question A.3.4 above regarding the meaning of ‘trustee’.
Response
3.12
Service Providers. Does your jurisdiction have any laws or regulations that require persons
providing services to trusts: (i) created under the laws of your jurisdiction; (ii) administered in your
jurisdiction; or (iii) in respect of which a trustee is resident in your jurisdiction, to have information
regarding the identity of:
(a) settlors,
(b) trustees, and
(c) beneficiaries of trusts?
What are the sanctions for non-compliance? (ToR A.1.4)
Comment: Service providers such as lawyers or auditors or trust service providers may be subject to antimoney laundering legislation or other regulations that require them to identify the settlors, trustees and
beneficiaries of trusts.
Response
Information Held by Other Persons
3.13
If information regarding the identity of settlors, trustees and beneficiaries is not required to be
held by any of the government authorities or other persons mentioned in questions A.3.9 through A.3.12
above, are there any other persons that under your laws are required to have information on the identity of
settlors, trustees or beneficiaries? If so, please describe. (ToR A.1.4)
Response
Documentation Retention Requirements
3.14
Retention period. Where there is an obligation on any person or a government authority to have
identity information on settlors, trustees and beneficiaries, for how long is such information required to be
18
kept? Please also state whether the document retention period is affected by possible subsequent events
(e.g. migration of the trust or termination of the business relationship). (ToR A.1)
Comment: Different types of trusts may be subject to different requirements in this regard. Any distinctions
between different types of trusts should be highlighted. Trusts may also be subject to multiple obligations,
e.g. one under trust law and another under tax law. You may choose to cite some or all of these obligations
or you may provide a single response using the maximum period for which identity information would be
available for purposes of exchange of information in tax matters.
Response
3.15
Information kept within your jurisdiction. Where such identity information is required to be kept
in respect of trusts by a person other than a government authority, is the information required to be kept
within your jurisdiction? (ToR A.1)
Response
3.16
Other information. Are trustees resident in your jurisdiction required to maintain any other
documents relating to the formation or management of the trust, e.g. a trust deed, a letter of wishes? Are
any of these documents required to be deposited with a registry? (ToR A.1.4)
Comment: If there are different requirements for different types of trusts, please highlight the distinctions.
Response
b) Accounting Information
Accounting Information Held by Trusts and Trustees
3.17
Accounting records required. Are accounting records required to be kept under your law in
relation to trusts: (i) created under the laws of your jurisdiction; (ii) administered in your jurisdiction; or
(iii) in respect of which a trustee is resident in your jurisdiction? If so, please specify whether this
obligation arises under your jurisdiction’s trust law, tax law or other law. (ToR A.2)
Response
19
3.18
Types of accounting records. If accounting records are required to be kept under your law in
relation to trusts: (i) created under the laws of your jurisdiction; (ii) administered in your jurisdiction; or
(iii) in respect of which a trustee is resident in your jurisdiction, please explain the nature of the records
that are required to be kept and to whom the obligation applies. In particular, is there a requirement in all
cases that records should (ToR A.2.1 and A.2.2):
a)
correctly explain the trusts transactions,
b)
enable the trusts financial position to be determined with reasonable accuracy at any time,
c)
allow financial statements to be prepared,
d)
include underlying documentation such as invoices, contracts, etc.?
Comment: In answering questions A.3.17 and A.3.18 if your law provides for different types of trusts and
the record keeping requirements differ materially depending on the type of trust or trustee (e.g.
professional trust service provider or non-professional trustee), please indicate what the requirements are
for each type of trust or trustee. If multiple obligations exist, for example, under trust law and tax law, it is
sufficient to state one, but you are free to add others if you wish.
Response
Accounting Documentation Retention Requirements
3.19
Retention period. What is the minimum retention period for keeping accounting records relating
to trusts in the case of:
a)
trusts created under your laws,
b)
trusts administered in your jurisdiction; and
b)
trusts not formed under your laws but with a resident trustee?
Please also state whether the documentation retention period is affected by possible subsequent events (e.g.
migration of the trust). (ToR A.2.3)
Comment: Different types of trusts may be subject to different requirements in this regard. Any distinctions
between different types of trusts should be highlighted. Trusts or trustees may also be subject to multiple
obligations, e.g. one for trust law and another for tax law. You may choose to cite some or all of these
obligations or you may provide a single response using the maximum period for which identity information
would be available for purposes of exchange of information in tax matters.
Response
3.20
Information kept within your jurisdiction. If accounting information is required to be kept in
respect of trusts, is the information required to be kept within your jurisdiction? (ToR A.2)
20
Response
21
Section A4. Foundations
Background
4.1
Recognition of foundation. Do your laws include the concept of a foundation and is it thus
possible to form a foundation under your laws? (ToR A.1.5)
Comment: The concept of a foundation includes many different variations. At a very general level, a
foundation is a separate legal entity to which assets are transferred by the founder(s), and which then
holds such assets for the benefit of a particular purpose. Very often, foundations serve charitable, scientific
or social purposes, but foundations may also be created to benefit certain individuals, such as the members
of a family (family foundations). If your laws provide for the creation of different types of foundations
please provide details on each of these.
Response
a) Ownership Information
4.2
Governing Law. What are the bodies of law in your jurisdiction that require ownership
information to be available with respect to foundations (e.g. foundation law, tax law)? (ToR A.1.5)
Response
Information held by Government Authorities
4.3
Registration of foundations. Are foundations formed under your jurisdiction’s law required to be
registered or file tax returns under those laws? If so, please indicate: i) with which authority they are
required to register or file tax returns; ii) what type of information is required to be disclosed regarding the
identity of the founder, members of the foundation council and any beneficiaries; iii) what foundation
documents are required to be deposited with the registry; and v) whether changes to that information must
be disclosed? What are the sanctions for non-compliance? If your laws do not require disclosure of
information regarding the identity of founders, members of the foundation council and any beneficiaries, or
does not require the disclosure of changes in such information, please indicate whether such information is
required to be disclosed to another government authority (e.g. a tax or regulatory authority). In addition, if
more extensive disclosure is required to be made to another government authority, please indicate the
nature of the disclosure. (ToR A.1.5)
Comment: If your law provides for the creation of different types of foundations, and the information
reporting requirements differ materially depending on the type of foundation, please indicate what the
requirements are for each type of foundation. In your response you should also note whether registration is
required for foundations formed under foreign law, for instance where a foundation formed under foreign
22
law is managed and controlled from within your jurisdiction or it otherwise carries on activities in your
jurisdiction.
Response
Information Held by Service Providers
4.4
Service providers. Are there any laws or regulations that require persons providing services to a
foundation to identify the founder(s), members of the foundation council, and beneficiaries, and does such
a requirement apply in some or all cases. If so, please specify what these requirements are and the
sanctions for non-compliance? (ToR A.1.5)
Comment: For example, service providers such as lawyers or auditors may be subject to anti-money
laundering legislation that requires them to identify founder(s), foundation council members, and
beneficiaries.
Response
Information Held by the Foundation and Members of the Foundation Council
4.5
Information held by the foundation. What information regarding the identity of founder(s),
members of the foundation council, and any beneficiaries, is required under your laws to be kept by the
foundation (e.g. where the assets have been transferred by a nominee to the foundation is there a
requirement to know the identity of the person behind the nominee)? What are the sanctions for noncompliance? (ToR A.1.5)
Response
4.6
Information held by foundation council. Are foundations formed under the laws of your
jurisdiction required to have one or more resident members of the foundation council? If so what
information are they required to have regarding the identity of the founder and any beneficiaries? What are
the sanctions for non-compliance? (ToR A.1.5)
Response
23
Information Held by Other Persons
4.7
Are there any persons other than persons mentioned in questions A.4.3 through A.4.6, above that
under your laws are required to have information on the identity of the founder(s), the members of the
foundation council and of any beneficiaries? If so, please describe. (ToR A.1.5)
Comment: If information regarding the identity of the founder(s), the members of the foundation council
and of any beneficiaries is available to your competent authority because it is held by government
authorities or other persons mentioned above, please answer this question with ‘Not Applicable’.
Response
Documentation Retention Requirements
4.8
Retention period. Where in any of the above cases there is an obligation on any person or
government authority to have information on the identity of founder(s), members of the foundation council
and any beneficiaries, for how long is such information required to be kept? Please also state whether the
document retention period is affected by possible subsequent events (e.g. liquidation of the foundation or
termination of the business relationship). (ToR A.1.5)
Comment: Different types of foundations may be subject to different requirements in this regard. Any
distinctions between different types of foundations should be highlighted and if there are multiple
obligations, these should be identified. Foundations may also be subject to multiple obligations, e.g. one
under foundation law and another under tax law. You may choose to cite some or all of these obligations
or you may provide a single response using the maximum period for which identity information would be
available for purposes of exchange of information in tax matters.
Response
4.9
Information held within your jurisdiction. Where information on the identity of founder(s),
members of the foundation council and any beneficiaries is required to be kept by a person other than a
government authority, is the information required to be kept within your jurisdiction? (ToR A.1.5)
Response
24
b) Accounting Information
Accounting Information held by Foundations
Comment: If under your laws the relevant accounting rules that apply to foundations are the same as those
that apply to companies, then it is sufficient to provide cross references to your responses in the section on
companies.
4.10
Obligation to keep accounting records. Are accounting records required to be kept in relation to
foundations formed under the laws of your jurisdiction? If so, please specify whether this obligation arises
under your jurisdiction’s foundation law, tax law or other law. (ToR A.2)
Response
4.11
Type of accounting records. If accounting records are required to be kept in relation to
foundations under the laws of your jurisdiction, please explain the nature of the records that are required to
be kept and to whom the obligation applies. In particular, is there a requirement in all cases that records
should (ToR A.2.1 and A.2.2):
a)
correctly explain the foundations transactions;
b)
enable the foundations financial position to be determined with reasonable accuracy at any time;
c)
allow financial statements to be prepared;
d)
include underlying documentation such as invoices, contracts, etc.?
Comment: In answering questions A 4.10 and A.4.11, if your law provides for different types of
foundations and the record keeping requirements differ materially depending on the type of foundation,
please indicate what the requirements are for each type. If multiple obligations exist, for example under
foundation law and tax law, this may be stated but is not required.
Response
Accounting Documentation Retention Requirements
4.12
Retention period. What is the minimum retention period for keeping accounting records relating
to foundations? Please also state whether the documentation retention period is affected by possible
subsequent events (e.g. dissolution of the foundation). (ToR A.2.3)
Comment: Different types of foundations may be subject to different requirements in this regard. Any
distinctions between different types of foundation should be highlighted and if there are multiple
obligations these should be identified. Foundations may also be subject to multiple obligations, e.g. one for
foundation law and another for tax law. You may choose to cite some or all of these obligations or you may
provide a single response using the maximum period for which identity information would be available for
purposes of exchange of information in tax matters.
25
Response
4.13
Information kept within your jurisdiction. Where accounting information is required to be kept in
respect of foundations, is it required to be kept within your jurisdiction? (ToR A.2)
Response
26
Section A5. Other Relevant Entities and Arrangements
5.
Most relevant entities and arrangements will likely fall within one of the above categories.
However, there may be cases where the laws of a particular jurisdiction provide for an entity or
arrangement that cannot be classified as a company, trust, partnership or foundation. If such an entity or
arrangement exists under the laws of your jurisdiction, and provided it is relevant to the work of the Global
Forum, please provide details on the availability of ownership, identity and accounting information using
the questions in the above sections (i.e. company, trust, partnership, foundation) most appropriate to the
entity or arrangement in question. (ToR A.1)
Response
27
Section A6: Information held by banks
6
Are banks and other financial institutions required to maintain all records pertaining to the
accounts as well as to related financial and transactional information? Please describe the specific
requirements. (ToR A.3)
Response
28
Part B (Access to Information)
This part of the questionnaire is intended to assist in the review of jurisdictions’ ability to access
accounting, bank, ownership and identity information. It is divided into two sections, the first of which
deals with access to bank information and the second with access to accounting, ownership and identity
information. You are not limited to the space provided for answers. Answers should be comprehensive and
refer to the relevant legal provisions.
Section B1. Bank Information
1.1
Bank secrecy provisions. Please describe your jurisdiction’s general rules or practices for
protecting the secrecy or confidentiality of information held by banks or other financial institutions. (ToR
A.3 and B.1.5)
Comment: Where your jurisdiction has statutory confidentiality provisions, please supply the relevant
constitutional provisions, legislation, regulation, etc. In other cases, please explain the basis for the rule or
practice. If different rules apply to different financial institutions, e.g. banks which are prohibited from
operating in the domestic market this should be explained.
Response
1.2
Powers to obtain bank information3 Please provide a description of any powers your competent
authority has to obtain information held by banks or other financial institutions where a requesting State
seeks the information for tax purposes. In particular, is it necessary to invoke special procedures, whether
administrative, judicial or otherwise, to obtain access to information held by a bank or other financial
institution or is the authority to obtain such information part of your authorities’ routine domestic
administrative powers? If special procedures are required to be invoked, please provide a description
indicating the timeline for each stage of the procedures. (ToR A.3.1 and B.1.1)
Comment: Special procedures would include cases where a court order is required or where the consent of
some other authority must first be obtained before information can be requested. You should also explain
which of your authorities can obtain this information, and if it is not your competent authority, explain the
conditions under which such information can be passed on to your competent authority.
Response
1.3
Limitations on the ability to obtain bank information. Are there any limitations (including those
contained in any DTCs, or TIEAs, or resulting from the application of domestic law, constitutional
governance configuration, and administrative practice) on the ability of your jurisdiction’s competent
3
Bank information should include all records relating to an account as well as related financial and
transactional information.
29
authority to obtain, directly or indirectly, information held by a bank or other financial institution for either
civil or criminal tax purposes in response to a specific request for such information? If there are any such
limitations in your jurisdiction, please describe the limitations fully, e.g. civil exchange limitations such as
a domestic tax interest, information can only be obtained in respect of certain accounts such as those
owned by non residents or a threshold amount applies, information can only be obtained in criminal tax
matters (in which case please define criminal tax matters), inability to obtain bank information in any
circumstances. (ToR A.3 and B.1.1)
Response
1.4
Specificity required. Where bank information can be obtained, either in some cases or in all
cases, please state what degree of specificity is required from the authorities in the requesting state in order
for your competent authority to obtain the information (e.g. name of bank, address of branch, name of
account holder, address of account holder, number of account). (ToR B.1.1)
Response
1.5
Penalties for failing to comply with request for bank information. What administrative, civil
and/or criminal penalties apply if the bank or financial institution refuses to comply with a request for
information, where such information is sought for exchange of information purposes? Do the same
penalties apply where information is sought for domestic or foreign tax purposes? (ToR B.1 and B.1.4)
Response
30
Section B2. Accounting, Ownership and Identity Information
2.1
Specific secrecy provisions. What, if any, confidentiality or secrecy provisions are contained in
your laws (including company law, partnership law, trust law, foundation law, regulatory law or otherwise)
that prohibit or restrict the disclosure to tax authorities of:
a.
information regarding the ownership of companies, and partnerships,
b.
in the case of trusts, information on settlors, trustees or beneficiaries,
c.
in the case of foundations, information on founders, members of the foundation council or
beneficiaries,
d.
accounting information with respect to any of the entities and arrangements referred to in (a)
through (c),
to your competent authorities for purposes of responding to a specific request for exchange of information
pursuant to a tax information exchange mechanism. Please explain the circumstances in which these
restrictions operate, whether they apply only to a specific type of entity or arrangement. (ToR B.1.5)
Comment: For example, a prohibition would apply if your jurisdiction’s legislation prevented a company,
or person connected with the company such as an employee or a service provider (whether or not
regulated), from disclosing ownership information to your authorities that was sought for the purpose of
responding to a specific request for exchange of information for tax purposes.
Response
2.2
Overrides. Which of the prohibitions described in question 2.1 above, are overridden if a request
is made in connection with an information exchange arrangement? (ToR B.4 and B.1.5)
Response
2.3
Powers to obtain information required to be kept. Where ownership, identity or accounting
information is required to be kept by any person or government authority (as discussed in Part A of this
questionnaire), please describe the powers, including compulsory powers, available to your competent
authority to obtain such information for the purpose of responding to a specific request for exchange of
information in tax matters. In particular, please deal with the following matters in your response (ToR
A.1.6 and B.1.1. to B.1.5):
a.
Whether there any limitations on your competent authority’s powers (e.g. domestic tax interest,
limited to criminal tax matters, limited by de minimis threshold, limited to taxpayers currently
under examination). If so, please describe in detail.
31
b.
Whether your competent authority has power to obtain information held by any person acting in
an agency or fiduciary capacity, including nominees and trustees.
c.
Whether your competent authority’s powers include the right to make enquires, inspect
documents, search and seizure.
d.
Whether your competent authority has power to obtain information directly from the person in
possession or control of it or whether it has to go through another government authority. If the
latter, in what circumstances does it have to rely on another government authority.
e.
Whether your competent authority needs to invoke special procedures, whether administrative,
judicial or otherwise, to exercise these powers (see comment on question B1.2 above for
explanation of “special procedures”).
f.
Whether your competent authority has power to obtain for tax purposes ownership, identity and
accounting information which is required to be held by anyone for anti-money laundering
purposes.
Response
2.4
Penalties for failing to comply with request for information. What administrative, civil of and/or
criminal penalties apply if a person refuses to comply with a request for information, where such
information is sought for exchange of information purposes? (ToR A.1.6 and B.1.4)
Response
2.5
Powers to obtain information not required to be kept. For the purpose of responding to a request
for exchange of information in tax matters, what powers, if any, do your authorities have to obtain
ownership, identity and accounting information from persons not required to have such information, but
that are in possession of, or have control of and are able to obtain, such information? (ToR A.1.6 and
B.1.3)
Comment: For instance, can your authorities request ownership information about a company (the tax
liability of which is under investigation in a jurisdiction with which your jurisdiction has a tax information
arrangement) from a resident person that had commercial dealings with that company? What powers do
your authorities have where this person does not co-operate or provides incomplete or inaccurate
information?
Response
2.6
Exercise of powers. Where there is no person or government authority in your jurisdiction that is
required to maintain ownership or identity information or accounting information relating to a company,
32
partnership, trust or foundation (or, where applicable, other relevant entities and arrangements, see
question A.5) formed under your laws, how would your competent authority seek to obtain ownership,
identity, or accounting information relating to such company, partnership, trust or foundation (or, where
applicable, other relevant entities and arrangements, see question A.5) in response to a request? (ToR
B.1.3)
Response
33
Peer Review Questionnaire-Part C
This part of the questionnaire is intended to assist in the review of jurisdictions’ ability to exchange
information to the required standard. It comprises a chart and some supplemental questions. Questions
which lend themselves to “Yes”/”No” responses have been included in the chart to facilitate respondents.
Where a jurisdiction has both an existing agreement and a revised agreement that has not yet entered into
force, please show both existing and revised agreements separately on the chart.
Note however that in many cases, the chart alone will not be sufficient to give a complete response. This
will be the case, for example, with the questions in columns 4, 5, 10, 12 and 13. In these cases the response
in the chart should be supplemented with footnotes as necessary. This part of the questionnaire is
completed by questions C.14 on current or past negotiations, C.15 and 16 on confidentiality and
notification requirements and question C.17 on rights and safeguards. These have not been included in the
chart as they do not lend themselves to summary responses.
Please read the following instructions before completing the chart:

Column 1 of chart: Column 1 should contain the names of the following jurisdictions: (i) each
jurisdiction with which your jurisdiction has a double tax convention (DTC) or tax information
exchange agreement (TIEA) signed; or, (ii) any jurisdiction that could receive information in tax
matters under a domestic law of your jurisdiction that allows for information exchange for tax
purposes in all tax matters, e.g. domestic law provisions implementing the EU Mutual Assistance
Directive. However, if your domestic law applies to all jurisdictions, put in the designation “All
jurisdictions” at the end of column 1 instead. (ToR C.1.2)

Column 2 of chart: For each jurisdiction in column 1 for which your jurisdiction has a DTC or
TIEA, place a checkmark in the appropriate box. (ToR C.1.2)

Column 3 of chart: For each DTC or TIEA, insert the date of signature. Note that if your
jurisdiction has an old agreement with another jurisdiction which is still in force, and a new
agreement, or protocol updating the old agreement, which has recently been signed but which has
not yet been ratified or entered into force, you should make separate entries in this column in
respect of each agreement or protocol. (ToR C.1.2)

Column 4 of chart: For each DTC or TIEA, insert the date of ratification. This column would be
left blank in those situations where there is a signed agreement that has not yet been ratified.
However, in this case, you should indicate by way of footnote whether all of the domestic steps
necessary to ratify the agreement have been taken in your jurisdiction and, if not, what else needs
to be done. You should also indicate whether the other jurisdiction has ratified the agreement.
(ToR C.1.8, C.1.9)

Column 5 of chart: For each DTC or TIEA insert the date of entry into force. This column should
be left blank in those situations where there is a signed agreement that has not yet entered into
force. However, in this case, you should indicate by way of footnote whether all domestic steps
necessary to bring the agreement into force (e.g. ratification, enactment of domestic law) have
been taken in your jurisdiction. Please also indicate what these steps are. (ToR C.1.8, C.1.9)

Column 6 of chart: For each jurisdiction with which you have a DTC or TIEA, insert “a” if the
DTC or TIEA applies to taxes of every kind, “b” if it applies to taxes on income, “c” if it applies
34
to taxes on capital (e.g. taxes on net worth of an individual, taxes on the value or real or personal
property, etc.) or “d” other taxes (e.g. inheritance taxes). (ToR C.1.1)

Column 7 of chart: For each entry on the chart indicate whether the agreement covers civil,
criminal or all tax matters. (ToR C.1.6)

Column 8 of chart: This column relates only to DTCs. Mark “Y” in the column if the DTC permits
information exchange for the administration and enforcement of the domestic laws of the
exchange-of-information partners and “N” if exchange of information is limited to information
necessary to carry out the provisions of the convention.” (ToR C.1.1)

Column 9 of chart: Mark “Y” in this column if your jurisdiction’s DTC or TIEA (arrangement)
with a particular jurisdiction includes paragraphs 4 and 5 of Article 26 of the OECD or UN Model
Tax Conventions or provisions corresponding to Articles 5(2) and 5(4) of the OECD Agreement on
Exchange of Information on Tax Matters (Model TIEA). Otherwise put “N” in the appropriate box.
Note that in the case of a DTC “N” does not indicate that your jurisdiction has a domestic tax
interest or cannot exchange bank information on request, but only that the particular agreement
does not contain paragraphs 4 and 5 of the OECD or UN Model Tax Conventions. Note also that the
vast majority of TIEAs signed since the publication of the Model TIEA contain provisions
corresponding to Articles 5(2) and 5(4) of the Model TIEA. However, there may be some older
arrangements not negotiated on the basis of the OECD Model that do not contain such provisions.
(ToR C.1.3, C.1.4)

Column 10 of chart: If an arrangement does not contain paragraphs 4 and 5 of Article 26 of the
OECD or UN Model Tax Conventions or provisions corresponding to Articles 5(2) and 5(4) of the
Model TIEA it may still provide for exchange of information up to the required standard provided
there are no restrictions on exchange of information in a jurisdiction’s domestic legislation or its
DTCs or TIEAs. If there are no such restrictions on exchange of information in your jurisdiction’s
treaties or domestic law put “Y” in the appropriate box. In all other cases, put “N” in the
appropriate box, explain the nature of the restriction and identify the applicable law or laws by way
of a footnote. Note that in answering this question you should ignore restrictions such as attorneyclient privilege, ordre public, trade or business secret or other reasons that are included in Article 7
of the Model TIEA as valid reasons for declining a request. (ToR C.1.3, C1.4)

Column 11 of chart: Some jurisdictions may have rules in domestic legislation or their DTCs or
TIEAs that do not permit their competent authority to obtain and provide information unless it
relates to conduct that would constitute a crime in the requested jurisdiction. If your jurisdiction has
a dual criminality requirement with respect to a particular DTC or TIEA, put “Y” in the appropriate
box. In all other cases, put “N.” (ToR C.1.5)

Column 12 of chart: Mark “Y” in this column if there are any other prohibitions that restrict the
exchange of information that is foreseeably relevant to the administration and enforcement of
domestic tax laws of the requesting state. For example a jurisdiction that only exchanges
information with a exchange-of-information partners in respect of persons that are residents of one
or both states or persons that otherwise qualify for the benefits of a DTC should put “Y” in the
appropriate box. In answering this question you should ignore restrictions such as attorney-client
privilege, ordre public, trade or business secret or other reasons that are included in Article 7 of the
Model TIEA as valid reasons for declining a request. Note that you will also need to describe any
prohibitions identified under this heading by way of a footnote. (ToR C.1.1, C.1.2)
35

Column 13 of chart: Mark “Y” in the appropriate box if your jurisdiction has one or more domestic
law provisions that permit exchange of information that is foreseeably relevant to the
administration and enforcement of domestic tax laws of a requesting state and which is not limited
by the restrictions in columns 10, 11 and 12. For example EU jurisdictions that have implemented
in their domestic law provisions to give effect to the EU’s Mutual Assistance Directive may
indicate “Y” under this heading where the above conditions are satisfied. Please note that you will
also need to identify any applicable laws or laws under this heading by way of a footnote and
explain the circumstances under which the laws can be invoked, and any limitations that apply (e.g.
ability to provide information in the specific form requested). (ToR C.1.1-.5)
36
Section C. EXCHANGE OF INFORMATION
1
2
3
4
5
6
7
8
9
10
11
12
13
JURISDICTION
TYPE OF EOI
ARRANGEMENT
DATE
SIGNED
DATE
RATIFIED
DATE
ENTERED
INTO
FORCE
SCOPE
TAX
MATTERS
COVERED
DOES
ARRANGMENT
PROVIDE FOR EOI
THAT IS
FORSEEABLY
RELEVANT TO THE
APPLICATION OF
THE TREATY AND
THE
ADMINISTRATION
AND ENFORCEMENT
OF THE DOMESTIC
LAWS OF THE
CONTRACTING
PARTIES?
DOES
ARRANGEMENT
CONTAIN THE
EQUIVALENT OF
PARAGRAPHS 4
AND 5 OF
ARTICLE 26 OF
OECD OR UN
MODEL
CONVENTION OR
IN THE CASE OF A
TIEA, ARTICLE
5(2) AND 5(4) OF
THE OECD MODEL
TIEA?
ARRANGEMENT
MEETS
INTERNATIONAL
EOI STANDARD,
I.E. IS NOT
LIMITED BY
DOMESTIC TAX
INTEREST OR
SECRECY
PROVISIONS,
SUCH AS BANK
OR CORPORATE
SECRECY
PROVISONS, IN
EITHER
JURISDICTION?
IS EOI LIMITED
TO CASES THAT
HAVE DUAL
CRIMINALITY?
IS EOI LIMITED
BY OTHER
PROHIBITIONS ON
EXCHANGE, E.G.
TO RESIDENTS OF
TREATY
COUNTRIES OR
PERSONS
OTHERWISE
BENEFITTING
FROM THE
ARRANGEMENT?
DOMESTIC LAW
ALLOWS FOR
EOI FOR THE
PURPOSES
STATED IN
COLUMN 8 IN
RESPECT OF
TAXES ON
INCOME AND
CAPITAL AND
NOT LIMITED
BY
RESTRICTIONS
IN COLUMNS
10, 11 OR 12?
b = crim.only
Y = yes
Y = yes
Y = yes
Y = yes
Y = yes
Y = yes
c = civil only
N = no
N = no
N = no
N = no
N = no
N = no
a = taxes of
every kind
DTC
TIEA
b = taxes on
income
c = taxes on
capital
d = other
taxes
a = all
37
Negotiations
14.
If you are negotiating or have previously attempted to negotiate with a jurisdiction for an
agreement which would meet the required standard for the exchange of information for tax purposes,
please provide details, if possible, indicating what stage the negotiations have reached, or, in general terms,
the reasons for which the negotiations were not pursued. (ToR C.2)
Response
Response
Notification requirements
15.
Does your domestic law require the notification of the person who is the object of a request for
information? If so, does the person have a right to oppose and challenge the provision of the information to
the requesting party? If you have such rules, please describe them in detail, including any exceptions, (e.g.
urgent requests or potential impairment of the investigation). (ToR B.2, C.5.3)
Comment: Under some jurisdictions’ laws competent authorities may be required to notify the taxpayer
before giving information to a requesting State.
Response
Confidentiality
16.
Please provide details of the confidentiality protections (if any) that are provided for information
received by your jurisdiction’s authorities under any information exchange mechanism (including DTCs,
TIEAs, and domestic law identified in response to Column 9 above). Among the aspects to be addressed in
response to this question, please describe (ToR C.3):
(a) safeguards in place to maintain the confidentiality of exchanged information and circumstances
under which information received is treated as confidential;
(b) exceptions permitting disclosure of exchanged information (e.g. judicial proceedings or matters
other than those stated in the request);
(c) confidentiality of communications between the jurisdictions (other than the requested
information), and circumstances under which such communications can be released; and
(d) penalties for breach of confidentiality provisions.
Response
38
Rights and Safeguards.
17.
Does your exchange of information law, regulations or administrative practice permit you to
decline to exchange information where the information is (ToR C.4.1):

covered by attorney client privilege;

a trade, business industrial, commercial or professional secret;

information the disclosure of which would be contrary to public policy (ordre public)?
Response
39