Global forum on transparency and exchange of information for tax purposes peer reviews: Bahrain 2013: phase 2: implementation of the standard in practice: November 2013 (reflecting the legal and regulatory framework as at August 2013)

This report contains the Phase 2: Global Forum Peer Review of Bahrain, as well as a revised version of the Phase 1 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 120 jurisdictions, which participate in the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the implementation of the international standards of transparency and exchange of informa. Read more... Table of Contents About the Global Forum Executive Summary Introduction Information and methodology used for the peer review of Bahrain Overview of Bahrain Recent developments Compliance with the Standards A. Availability of Information Overview A.1. Ownership and identity information A.2. Accounting records A.3. Banking information B. Access to Information Overview B.1. Competent Authority's ability to obtain and provide information B.2. Notification requirements and rights and safeguards C. Exchanging information Overview C.1. Exchange of information mechanisms. C.2. Exchange of information mechanisms with all relevant partnersC. 3. Confidentiality C.4. Rights and safeguards of taxpayers and third parties C.5. Timeliness of responses to requests for information Summary of Determinations and Factors Underlying Recommendations Annex 1: Jurisdiction's Response to the Report Annex 2: List of Bahrain Exchange of Information Mechanisms Annex 3: List Of Laws, Regulations and Other Material Received Annex 4: People Interviewed During the On-Site Visit Annex 5: Bahrain EOI Request Procedure. This report summarises the legal and regulatory framework for transparency and exchange of information in Bahrain as well as the practical implementation of that framework. It is reflecting the legal and regulatory framework as at August 2013