Global forum on transparency and exchange of information for tax purposes peer reviews: Burkina Faso 2016: phase 2: implementation of the standard in practice: November 2016 (reflecting the legal and regulatory framework as at June 2016)

This publication reviews the quality of the United Kingdom's legal and regulatory framework for the exchange of information for tax purposes, as well as its implementation and effectiveness. Annotation This report contains the 2014 Phase 2: Implementation of the Standards in Practice Global Forum review of Marshall Islands. 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 130 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." Table of Contents 5 About the Global Forum 7 Executive summary 9 Introduction 13 Information and methodology used for the Peer Review of Burkina Faso 13 Overview of Burkina Faso 14 General information on the legal and tax system 15 Overview of the financial sector and the relevant professions 19 Recent developments 21 Compliance with the Standards 23 A. Availability of information 23 Overview 23 A.1. Ownership and identity information 25 A.2. Accounting records 64 A.3. Banking information 71 B. Access to information 79 Overview 79 B.1. Competent authority’s ability to obtain and provide information 80 B.2. Notification requirements and rights and safeguards 95 C. Exchanging information 97 Overview 97 C.1. Information exchange mechanisms 98 C.2. Exchange of information mechanisms with all relevant partners 105 C.3. Confidentiality 107 C.4. Rights and safeguards of taxpayers and third parties 111 C.5. Timeliness of response to requests for information 112 Summary of determinations and factors underlying recommendations 117 Annex 1: The jurisdiction’s response to the peer review 121 Annex 2: List of Burkina Faso’s information exchange mechanisms 122 Annex 3: List of all laws, regulations and other relevant material 123 Annex 4: List of persons interviewed during the on‐site visit 126 This report summarizes the legal and regulatory framework for transparency and exchange of information in Pakistan as well as the practical implementation of that framework. It reflects the legal and regulatory framework as at May 2016