This report contains a "Phase 2: Implementation of the Standards in Practice" review, as well

as revised version of the "Phase 1: Legal and Regulatory Framework review" already released

for this country.

The Global Forum on Transparency and Exchange of Information for Tax Purposes is the

multilateral framework within which work in the area of tax transparency and exchange of

information is carried out by over 120 jurisdictions which participate in the work of the

Global Forum on an equal footing.

The Global Forum is charged with in-depth monitoring and peer review of the implementation

of the standards of transparency and exchange of information for tax purposes. These

standards are primarily reflected in the 2002 OECD Model Agreement on Exchange of

Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax

Convention on Income and on Capital and its commentary as updated in 2004, which has

been incorporated in the UN Model Tax Convention.

The standards provide for international exchange on request of foreseeably relevant

information for the administration or enforcement of the domestic tax laws of a requesting

party. "Fishing expeditions" are not authorised, but all foreseeably relevant information must

be provided, including bank information and information held by fiduciaries, regardless of the

existence of a domestic tax interest or the application of a dual criminality standard.

All members of the Global Forum, as well as jurisdictions identified by the Global Forum as

relevant to its work, are being reviewed. This process is undertaken in two phases. Phase 1

reviews assess the quality of a jurisdiction's legal and regulatory framework for the exchange

of information, while Phase 2 reviews look at the practical implementation of that framework.

Some Global Forum members are undergoing combined - Phase 1 plus Phase 2 - reviews.

The ultimate goal is to help jurisdictions to effectively implement the international standards

of transparency and exchange of information for tax purposes.

All review reports are published once approved by the Global Forum and they thus represent

agreed Global Forum reports.

For more information on the work of the Global Forum on Transparency and Exchange of

Information for Tax Purposes, and for copies of the published review reports, please visit

www.oecd.org/tax/transparency and www.eoi-tax.org.