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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: Peer Review Report Phase 1 Legal and Regulatory Framework - Antigua and Barbuda

This report for Antigua and Barbuda has been published on 12 Sep 2011. 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.      
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.   Domestic trusts, ILLCs and IBCs are not required to keep records that (i) correctly explain all transactions; (ii) enable the financial position of the entity to be determined with reasonable accuracy at any time; and (iii) allow financial statements to be prepared.  Antigua and Barbuda should require all relevant entities and arrangements to keep records that (i) correctly explain all transactions; (ii) enable the financial position of the entity to be determined with reasonable accuracy at any time; and (iii) allow financial statements to be prepared. 
Domestic trusts, international trusts, international foundations, ILLCs and IBCs are not required to keep underlying documentation.  Antigua and Barbuda should require all relevant entities and arrangements to keep underlying documentation in respect of all transactions. 
Domestic companies, foreign companies and partnerships are not explicitly required to maintain their accounting records for a minimum of five years. Domestic trusts, international trusts, international foundations, IBCs and ILLCs are not required to keep records for a minimum of five years.  Antigua and Barbuda should require impose clear requirements for all relevant entities and arrangements to keep records for a minimum of five years. 
Banking information should be available for all account-holders. (ToR A.3)
Determination Factors Recommendations
The element is in place.      
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 not in place.   Antigua and Barbuda’s competent authority for international tax matters is unable to access information that is held extra-territorially, even if such information is controlled by a person within its territorial jurisdiction.  Antigua and Barbuda should ensure that its competent authority has the power to obtain information under the control of persons within its territorial jurisdiction in all cases. 
Confidentiality provisions in the International Trusts Act, International Foundations Act and the International Limited Liability Corporation Act limit the Antigua and Barbuda competent authority’s powers to obtain a wide range of information that may be needed to comply with an EOI request.  Antigua and Barbuda should ensure that its competent authority has the power to obtain all information that may be the subject of an EOI request. 
The conditions for disclosing confidential information in relation to International Business Corporations do not include disclosure for EOI purposes, and are inconsistent with the competent authority’s powers to obtain information under the TIE Act.  Antigua and Barbuda should clarify that the Commissioner’s access powers under the TIE Act may be exercised to obtain and exchange information considered to be confidential under the IBCA, pursuant to 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, but certain aspects of the legal implementation of the element need improvement.   There is no exception to the requirement that the concerned taxpayer be given prior notification that a third party is being requested to provide information to respond to an international request.  Antigua and Barbuda should introduce relevant exceptions to its prior notification procedure so that it is compatible with effective EOI. 
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is not in place.   Antigua and Barbuda’s legal framework does not allow the terms of its agreements to be given full effect due to limitations in Antigua and Barbuda’s domestic law regarding access to information in respect of certain entities in its offshore sector.  Antigua and Barbuda should amend its legislation so that it can give full effect to its EOI agreements. 
Some 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. 
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. 
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.      
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.  It is recommended that the TIEA with Liechtenstein be updated to allow appropriate exceptions to the requirement to notify taxpayers in non-criminal cases. 
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.