Tax: The Global Forum on Tax Transparency welcomes Burkina Faso and Cameroon as new members | WPN World People News

Burkina Faso and Cameroon have joined the Global Forum on Transparency and Exchange of Information for Tax Purposes. As 112th and 113th members of the Global Forum they will participate in the peer review process which encourages all countries to adopt effective exchange of information in tax matters.

“We are delighted to welcome Burkina Faso and Cameroon as new Global Forum members”, said OECD Secretary-General Angel Gurría. “They are now among the jurisdictions directly involved in the international effort to make tax systems worldwide transparent and fair to all. Following their lead and that of other African countries, we look forward to continue strengthening international and regional cooperation in Africa. Domestic resource mobilisation through a transparent and effective tax system is a key element for successful development policies. ”

The Global Forum’s aim is to ensure that all jurisdictions adhere to the same high standard of international cooperation in tax matters and that governments come together to fight and prevent tax evasion. Membership of the Global Forum has gradually grown, and the fact that more African countries recently joined it highlights the importance of the work being carried out by the Forum over the last few years. Having the African Tax Administration Forum (ATAF) as an observer of the Global Forum helps increase co-operation in the African region.

Consistently supported by G-20 leaders, the Global Forum has, since 2010, published 79 peer review reports containing 495 recommendations to help jurisdictions improve their cooperation in tax matters. As a result, more than half of the countries reviewed have already introduced or proposed changes to their laws. The Global Forum recently launched Phase 2 of its review process, which will examine countries’ effectiveness of exchange of information practices.

The next meeting of the Global Forum will be held on 26-27 October 2012 in Cape Town, South Africa. At the meeting, more than 80 jurisdictions and 7 International Organisations will discuss ways to further promote information exchange in tax matters, ensuring that all people, in all countries, pay their fair share.

Source: OECD