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The Exchange of Tax Information Portal is an initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum conducts peer reviews of its member jurisdictions' ability to co-operate with other tax administrations in accordance with the internationally agreed standard. The standard provides for exchange of information on request where it is foreseeably relevant to the administration and enforcement of the domestic tax laws of the requesting jurisdiction. Effective exchange of information requires that jurisdictions ensure information is available, that it can be obtained by the tax authorities and that there are mechanisms in place allowing for the exchange of that information. The Global Forum's peer review process examines both the legal and regulatory aspects of exchange (Phase 1 reviews) and the exchange of information in practice (Phase 2). The EOI Portal will track the development of these peer reviews, including changes that jurisdictions make in response to the Global Forum's recommendations.

Peer Review: Saint Lucia Phase 2 Report

This report for Saint Lucia has been published on 4 Aug 2014. You can buy this report, or browse it online below.

Skip directly to the Executive Summary. You may also want to view the tables of determinations and ratings.


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Determinations and Recommendations

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.      
Phase 2 Rating Factors Recommendations
Largely Compliant.   The Registrars or the regulator in Saint Lucia did not have a regular system of oversight of compliance of entities’ ownership and identity information keeping requirements during the review period.   Saint Lucia should ensure that there is a regular system of oversight of the legal obligations put in place and that its enforcement powers are sufficiently exercised in practice to ensure the availability of ownership and identity information in all cases. 
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
Determination Factors Recommendations
The element is not in place.      
Phase 2 Rating Factors Recommendations
Non-Compliant.   In cases where accounting records are required to be maintained such as for the purposes of the Income Tax Act, Saint Lucia has no system of oversight of compliance with the accounting record requirements or enforcement experience to ensure the availability of accounting information.  Saint Lucia should ensure that there is a regular system of oversight put in place and enforcement powers are sufficiently exercised in practice to ensure the availability of accounting information in the case of all entities. 
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
Partially Compliant.   The access powers granted to the competent authority under the ITC Act have not been tested in practice over the review period.  It is recommended that Saint Lucia monitors Its access powers to information for EOI purposes to make sure that they are effective in all cases.  
Over the three-year review period, it was the practice of Saint Lucia’s competent authority to serve a notice to produce on the registered agent only. In cases where the registered agent refused to produce information, the access powers at the disposal of Saint Lucia were insufficient to compel the production of this information. This resulted in Saint Lucia not obtaining all of the information requested in a number of cases.   Saint Lucia should ensure that the access powers of its competent authority are used effectively to obtain all information included in an EOI request.  
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.   In the case of information exchange, under the International Tax Cooperation Act, the competent authority is required to extend the 20 day holding period where a taxpayer or interested person has sought judicial review or other legal recourse.  Saint Lucia should ensure that its domestic law provisions are compatible with the timely access and exchange of information. 
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.     Saint Lucia should continue to develop its exchange of information network with all 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.   Saint Lucia has recently put in place a comprehensive organisational process, including a formal EOI Unit and EOI manual that appear to be adequate for dealing with incoming EOI requests. However, the new procedures of the EOI unit have not been sufficiently tested in practice.   Saint Lucia should continue to monitor the practical implementation of the organisational processes of the EOI unit to ensure that they are sufficient for effective and timely EOI in practice.