In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on October 30, 2015
Colombia’s Phase 2 review demonstrates their high level of commitment to the international standard for transparency and exchange of information for tax purposes with an overall rating of Compliant. Colombia has a solid legal and regulatory framework ensuring that ownership, accounting and banking information ownership is available for all relevant entities. These obligations are monitored by the DIAN and the regulators who have a comprehensive system of oversight in place. Colombia has sufficient access powers and the right balance has been struck between rights and safeguards and accessing information. Having recently ratified the Multilateral Convention, Colombia’s network of information exchange mechanisms covers 90 jurisdictions including all relevant partners. Colombia received four EOI requests over the review period and although there were some organisational issues in responding to these requests, Colombia provided most of the requested information in a timely manner. Nevertheless, Colombia is recommended to monitor the implementation of its organisational process for EOI and to provide status updates where required. For further information on the exchange of information practice of Colombia and to read the full report click here.