Global forum on transparency and exchange of information for tax purposes peer reviews: Lesotho 2016: Phase 2: Implementation of the standard in practice: November 2016 (reflecting the legal and regulatory framework as at August 2016)

Annotation This report contains the 2014 "Phase 2: Implementation of the Standards in Practice" Global Forum review of Lesotho Table of Contents 5 About the Global Forum 7 Abbreviations 9 Executive summary 11 Introduction 15 Information and methodology used for the peer review of Lesotho 15 Overview of Lesotho 16 Compliance with the Standards 21 A. Availability of information 21 Overview 21 A.1. Ownership and identity information 25 A.2. Accounting records 60 A.3. Banking Information 70 B. Access to information 77 Overview 77 B.1. Competent Authority’s ability to obtain and provide information 78 B.2. Notification requirements and rights and safeguards 85 C. Exchanging information 87 Overview 87 C.1. Exchange of information mechanisms 89 C.2. Exchange of information mechanisms with all relevant partners 98 C.3. Confidentiality 99 C.4. Rights and safeguards of taxpayers and third parties 103 C.5. Timeliness of responses to requests for information 104 Summary of determinations and factors underlying recommendations 111 Annex 1: Jurisdiction’s response to the review report 115 Annex 2: List of Lesotho’s exchange of information mechanisms 116 Annex 3: List of all laws, regulations and other relevant material 118 Annex 4: List of persons interviewed during the onsite visit 119