The OECD announced that Egypt has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), bringing its membership to 135. The last members to join the Global Forum were Lebanon and Paraguay in May.
The Global Forum is monitoring the implementation of tax transparency standards to ensure the effective and timely delivery of the commitments made, the confidentiality of information exchanged and to identify areas where support is needed. It is also assisting its developing country members to ensure that they can also receive the benefits of the ongoing global move to automatic exchange of financial account information.
“We are now seeing an unstoppable movement toward information sharing, on the basis of a single common standard developed by the OECD and endorsed by the international community,” OECD Secretary-General Angel Gurría said earlier in May.
Egypt is now to be reviewed as part of the Global Forum monitoring and peer review activities. In case of Lebanon, the country is already undergoing a Supplementary review. Lebanon has also committed to implement the new international standard on automatic exchange of information: the Common Reporting Standard.
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