Burkina Faso

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Overall Phase 2 Rating is Largely Compliant

Table of Determinations and Ratings of the Phase 2 Review

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   The Uniform Act on commercial Companies and economic interest groupings provides for the dematerialisation of securities and allows companies a two-year period to comply with the new obligation. However, the law does not provide enforcement measures to ensure that all the shares (including bearer shares) will be effectively dematerialised during the transition period.  The Burkina Faso authorities should take appropriate measures to ensure the dematerialisation of all shares on expiry of the two-year transition period allowed to companies for that purpose. 
Phase 2 Rating Factors Recommendations
Partially Compliant.  The two-year transition period set out by the Uniform Companies Act allowing all public limited companies and simplified joint-stock companies to proceed with the dematerialisation of shares expired on 5 May 2016. However, Burkina Faso has taken no practical measures to ensure that the dematerialisation of shares is being effectively carried out by relevant entities. Failure to dematerialise shares would make it impossible to know the identity of owners of any bearer shares that might exist in Burkina Faso.  The Burkina Faso authorities must take practical measures to ensure the effective dematerialisation of all shares issued by public limited companies and simplified joint-stock companies. 
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Banking information should be available for all account-holders. (ToR A.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
Determination Factors Recommendations
The element is in place.     Burkina Faso should continue to extend its network of information exchange mechanisms with all its relevant partners. 
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
Determination Factors Recommendations
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review.      
Phase 2 Rating Factors Recommendations
Largely Compliant.  During the review period, Burkina Faso had an ad hoc organisation that allowed the treatment of the three exchange of information requests received. This organisation has recently been improved by the establishment of an information exchange unit with significant resources and appropriate processes. However, the operation and effectiveness of this new organisation were not tested in practice.  Burkina Faso is recommended to monitor the operation of the new organisation for processing EOI requests, including the new EOI unit. 

Earlier self-assessment based annual reports entitled Tax Co-operation 2010: Towards a Level Playing Field are also available.