Complying with the OECD standards defined in the Global Forum on Transparency and Exchange of Information for Tax Purposes

F2 standard software platform is deployed across multiple ministries and public entities in various countries. Allowing governments to comply with the OECD standards on transparency and Exchange of Information for Tax Purposes. Securing sound financial management practices, accountability, and trust in the public sector. F2 is a standard platform built for governments and can be deployed at high speed.

Background

In April 2009 in London, during the global financial crisis, the G20 Leaders declared that: “We face the greatest challenge to the world economy in modern times... a global crisis that requires a global solution. Major failures in the financial sector and in financial regulation and supervision were fundamental causes of the crisis. Confidence will not be restored until we rebuild trust in our financial system. We will take action to build a stronger, more globally consistent, supervisory and regulatory framework for the future financial sector, which will support sustainable global growth and serve the needs of business and citizens”.

Based on this, the Organization for Economic Co-operation and Development (OECD) established the Global Forum on Transparency and Exchange of Information for Tax Purposes. Today, the Global Forum has over 160 member jurisdictions and has achieved massive progress in implementing international tax transparency and exchange of information standards. With the strong backing of the G20 and the OECD, the Global Forum has produced the most impactful international project against offshore tax evasion in history. The Global Forum ensures that these high standards are in place around the world through its monitoring and peer review activities.

Today there are several standards that the members follow and implement to secure a reciprocal automatic exchange framework in the tax space among different jurisdictions.

The first standard agreed and implemented provides for the International Exchange of Information on Request (EOIR), where a tax authority can request a particular piece of information to progress a tax investigation.

The second standard out of more than 10 standards provides for the International Automatic Exchange of Information (AEOI), where a pre-defined set of information on financial accounts held by non-residents is automatically exchanged each year. This exchange is underpinned by ensuring that the information is kept confidential and properly safeguarded and particular requirements are placed on jurisdictions to ensure this. For more information on the standards see www.oecd.org

Our approach

cBrain is a key partner for the implementation of the OECD Standards.

Over the past years, cBrain has had the pleasure of deploying our standard software platform F2 as the digital solution to support the implementation of the following standards:

• Exchange Of Information On Request (EOIR)

• Country by Country Reporting (CbCR)

• Economic Substance Regulation (ESR)

Please read more on the success stories of our different implementations