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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: Supplementary Report to Phase 1 Review - Antigua and Barbuda

This report for Antigua and Barbuda has been published on 20 Jun 2012. You can 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
     
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.   There is no obligation for IBCs to keep reliable accounting records.  Antigua and Barbuda should ensure that IBCs are required to keep reliable accounting records in all cases for at least five years. 
Phase 2 Rating Factors Recommendations
     
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
     
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
     
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
     
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is in place.   Seven out of 31 of Antigua and Barbuda’s DTCs do not meet the international standard due to restrictions on access to bank and fiduciary information and/or a domestic interest requirement in its DTC partners’ domestic laws.  Antigua and Barbuda should work with the relevant DTC partners to ensure that these restrictions are removed. 
Phase 2 Rating Factors Recommendations
     
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
Determination Factors Recommendations
The element is in place.     Antigua and Barbuda should continue to develop its exchange of information network with all relevant partners and take all steps necessary to bring concluded agreements into effect as quickly as possible. 
Phase 2 Rating Factors Recommendations
     
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
     
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.   Antigua and Barbuda’s TIEA with Liechtenstein requires the requesting state to notify the taxpayer of its intent to make a request whenever the investigation does not relate to a criminal case. This can potentially prevent or delay the exchange of information by Antigua and Barbuda in non-criminal cases.   The element is in place. Antigua and Barbuda’s TIEA with Liechtenstein requires the requesting state to notify the taxpayer of its intent to make a request whenever the investigation does not relate to a criminal case. This can potentially prevent or delay the exchange of information by Antigua and Barbuda in non-criminal cases. It is recommended that the TIEA with Liechtenstein be updated to allow appropriate exceptions to the requirement to notify taxpayers in non-criminal cases.  
Phase 2 Rating Factors Recommendations
     
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