OECD Peer Reviews of Offshore Jurisdictions
The OECD Peer Review Pogram was set up to examine the mechanisms of the exchange of information in each country.
Phase 1 of the Peer Review Program is in the nature of a 'desk-top' review and examines the legal and regulatory framework set up in each country to facilitate the exchange of information. Countries receiving a less than satisfactory rating on Phase 1 are given a period of time to remedy any deficiencies identified. Phase 2 of the Peer Review Program will generally be carried out only after the Phase 1 review is completed.
Phase 2 involves an 'on-site' review and evaluates a jurisdiction's overall effectiveness in exchanging tax information.
At the end of the Phase 2 evaluation, each jurisdiction is rated as "compliant," "largely compliant," "partially compliant" or "non-compliant." The rating achieved by each country is then publicized by the OECD.
This session examines the review process, the methodology and assssment criteria and terms of reference and identifies some of its shortcomings and how the peer review system has been carried out to date.