ANTIGUA & BARBUDA TOURISM AUTHORITY

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STATEMENT BY THE MINISTER OF FINANCE, ECONOMY AND PUBLIC ADMINISTRATION
Tuesday 13th September 2011

Statement by the Minister of Finance, Economy and Public Administration - Honourable Harold Lovell
 
 
Antigua and Barbuda is currently being reviewed by the Global Forum peer review group of the Organization for Economic Co-operation and Development (OECD) to ascertain the quality of the jurisdiction’s legal and regulatory framework for the exchange of information.
 
The Global Forum on transparency and exchange of information for tax purposes is the multilateral framework charged with in-depth monitoring and peer review of the implementation of the international standards of transparency and exchange of information for tax purposes. All members of the Global Forum, as well as jurisdictions identified by the Global Forum as relevant to its work, are currently being reviewed by the peer review group which is comprised of thirty members.
 
The international standard provides for international exchange on request of foreseeable relevant information for the administration or enforcement of the domestic tax laws of a requesting party. Fishing expeditions are forbidden, but all foreseeable relevant information must be provided, including bank information and information held by fiduciaries.
 
Antigua and Barbuda is committed to tax transparency and exchange of information. This is in keeping with the international standard set by the OECD in 2002, since then we have been diligently working towards meeting this standard. In 2009, we renewed our commitment and have expanded our Exchange of Information Agreements network, signing 31 Exchange of Information Agreements, with 22 now in force.
 
The Global Forum peer review group process is undertaken in two phases. Phase One assesses the quality of a jurisdiction’s legal and regulatory framework for the exchange of information; Phase Two assesses the practical implementation of that framework. In some cases Phase One and Phase Two reviews have been combined.
 
All jurisdictions are assessed on the basis of the following Elements:
 
1. The availability of ownership and identity information for all relevant entities to their competent authorities;
 
2. The keeping of reliable accounting records for all relevant entities;
 
3. The availability of banking information for all account holders;
 
4. Competent authorities’ power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their jurisdiction in possession or control of that information;
 
5. The compatibility of the rights and safeguards applicable to persons in the requested jurisdiction with effective exchange of information;
 
6. The effectiveness of exchange of information mechanisms;
 
7. The extent to which the network of information exchange covers all relevant partners;
 
8. Confidentiality of exchange of information mechanisms; and
 
9. The exchange of information mechanisms respecting the rights and safeguards of the taxpayers and third parties
 
10. The timeliness of exchange of information is only assessed during Phase Two. All review reports are sent to the Global Forum for adoption and are thereafter published.
 
Within this context, in July 2011, Antigua and Barbuda was one of several countries assessed by the peer review group to establish that the requisite elements described above were in place. The report was recently duly published.
 
While a majority of the elements were in place, the peer review group took issue with three elements, namely accounting records, access powers and related effectiveness of the exchange mechanisms. Nine (9) Elements within the Phase 1 report were assessed. The Determinations were as follows: Five (5) Elements in Place; One (1) Element in Place but certain aspects of the legal implementation of the element needed improvement; Three (3) Elements were not in Place. These Determinations signify the existing commendable quality of the jurisdiction’s legal and regulatory framework.
 
Antigua and Barbuda’s overall position will be reviewed when it provides a detailed written report to the peer review group within twelve months of the adoption of the report. We also have an opportunity to provide an intermediate report within six months of the adoption of the report. Following a determination of the nature described above, the norm is that the jurisdiction must wait for at least six months before it can submit a Supplementary Report addressing the corrective measures in response to the Determinations.
 
Accordingly, the jurisdiction is now fully engaged in the process of taking the necessary corrective action in response to the Determinations in respect of certain key elements and the report as a whole. We have commenced the process of amending specific laws to include the Antigua and Barbuda Tax Information Exchange Act; the Companies Act; the Inland Revenue Administration Act, the International Business Corporation Act; the International Foundation Act; the International Trust Act; International Limited Liability Companies Act and the Income Tax Act. The respective Bills will have their First Reading in Parliament on Friday 16th September, 2011. This clearly demonstrates the commitment of the jurisdiction to act expeditiously in seeking to address the Recommendations of the Forum, so as to further strengthen the quality of the legal and regulatory framework in accordance with the international standards.
 
In furtherance of the jurisdiction’s commitment, we have engaged the services of a consultant, who has considerable experience in negotiating Exchange of Information Agreements, and in recommending changes to legislation and regulations, to ensure compliance with international standards. This consultant has been retained by the World Bank to assist Member States of the Organization of Eastern Caribbean States in meeting the international tax standard set by the OECD. The jurisdiction has acted proactively and the said consultant will be in the jurisdiction on Thursday 15th September, to render advice and guidance on the way forward.
 
It is our intention that a Supplementary Report will be submitted to the Global Forum well before the end of 2011 in anticipation of the next peer review group meeting in January 2012. In these circumstances, I have every reason to be confident that the peer review group will determine that sufficient elements are in place to allow Antigua and Barbuda to move to the second phase of the review by the next sitting of the Global Forum.
 


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