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Ireland Found ‘Compliant’ With Tax Transparency Standards

The OECD has rated Ireland compliant with international standards on tax transparency.

The OECD’s Global Forum on Transparency has released the findings of its second review of Ireland. Ireland was also rated compliant in 2010.

The Forum said that Ireland “continues to perform well in all aspects of transparency and exchange of information.” It added that the reviewers were generally “very satisfied with the quality and timeliness of the information provided under Ireland’s exchange of information (EOI) mechanisms.”

The report noted that Ireland’s legal framework and practice meet the required standards. The Forum found that Ireland “ensures the availability of beneficial ownership information” through a combination of Anti-Money Laundering and tax laws.

However, the Forum recommended that Ireland ensure that bank account information include the identity of all beneficiaries of trusts, and not just those that hold more than 25 percent of the capital of the trust.

The Forum stated that during the peer review period, Ireland received 573 requests for the exchange of information, of which 23 related to ownership and identity information for relevant entities and arrangements. It said that the Irish Revenue had reported that “it has never been unable to respond to a request for information due to the fact that information was not available in accordance with the law.”