OECD: Lithuanian tax system complies with the highest standards of transparency
On July 31st, OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes released peer review reports assessing the tax systems of 13 jurisdictions for information exchange.
11 “Phase 2” reports review the exchange of information in practice in Austria, Bermuda, Brazil, British Virgin Islands, India, Luxembourg, Malta, Monaco, Qatar, San Marino and The Bahamas. Meanwhile, two “Phase 1” reports provide an in-depth analysis of the legal and regulatory framework for transparency and exchange of information in Israel and Lithuania.
Lithuania’s Phase 1 review notes the county’s high level of commitment to the international standard for transparency and exchange of information for tax purposes. Its legal framework generally ensures that ownership, accounting and bank information is available. Lithuania has a wide network of exchange of information mechanisms including bilateral agreements, the Multilateral Convention, and EU mechanisms. Its competent authority has broad powers to obtain the information necessary to comply with requests from any of its partner jurisdictions.
“Overall, Lithuania has a legal and regulatory framework in place that generally supports the availability, access and exchange of all relevant information for tax purposes in accordance with the international standard,” concludes the Global Forum’s report.
See full text of the report at: http://www.eoi-tax.org/jurisdictions/LT
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