An Official Website of the Barbados Government.
The Global Forum Secretariat, Barbados’ Ministry of International Business and Industry’s International Business Unit and Barbados Revenue Authority co-hosted a four-day training on beneficial ownership and exchange of information on request (EOIR) for assessors and assessed jurisdictions. The event, which was held in Bridgetown, Barbados, from 24 to 27 October 2023, gathered close to 40 participants from 18 jurisdictions from the Caribbean, Africa, Asia, Europe and Latin America. It was opened by Senator The Hon. Lisa Cummins, Minister of Energy and International Business of Barbados.
The training helped build awareness on all requirements of the EOIR standard, with a focus on the availability of the beneficial ownership information and of the practice of EOIR, two essential aspects of the standard. The trainers from the Global Forum Secretariat and an expert from the United States also explained participants how to plan for, and participate in an EOIR peer review, both as Global Forum expert assessor and as assessed jurisdiction. Under their guidance, participants simulated the critical steps of the EOIR peer review process, such as the onsite visit and the drafting of recommendations, on both the legal framework and the practical implementation of the standard.
The peer review process is one of the core activities carried out by the Global Forum to promote the implementation of the transparency and exchange of information standards. The EOIR peer reviews were launched in 2010 and the Global Forum is currently conducting the second round of reviews with enhanced terms of reference. Overall, over 100 jurisdictions have been reviewed in the second round of EOIR peer reviews since 2016.
Reference document:
Handbook for Peer Reviews on Transparency and Exchange of Information on Request – Second Round
The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the EOIR standard and the standard of automatic exchange of financial account information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive technical assistance programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.
For more information , please contact gftaxcooperation@oecd.org.
