Vanuatu to comply with OECD Global Forum by 2018

The Vanuatu government says it will complete its obligations to the OECD Global Forum on Tax Information Exchange Agreement by 2018.

It said earlier governments had made a commitment to do so as far back as 2009 but it had never happened.

The Global Forum, which has 133 members, is the premier international body for ensuring internationally agreed standards of transparency and exchange of tax information are implemented.

These international standards are imposed on all member jurisdictions of the Global Forum.

So far Vanuatu has ratified more than ten tax information agreements that allow for the jurisdictions to request the details from each other.

But these do not become effective until parliament enacts domestic law to support them.