The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes has released a beneficial ownership toolkit aimed to assist governments in implementing the Global Forum’s standards concerning the ultimate beneficial owner of a company or entity.
The toolkit includes explanations of the technical and legal requirements concerning beneficial ownership, the criteria to be used to identify the beneficial owner, as well as explanations of existing measures which ensure the availability of beneficial ownership information and its role in automatic exchange of information regimes.
Pascal Saint-Amans, Head of Centre for Tax Policy and Administration at the OECD stated“Transparency of beneficial ownership information is essential to deterring, detecting and disrupting tax evasion and other financial crimes. The Global Forum’s standard on beneficial ownership offers jurisdictions flexibility in how they implement the standard to take account of different legal systems and cultures. However, that flexibility can pose challenges particularly to developing countries. This new toolkit is an invaluable new resource to help them find the best approach.”