Fiji Joins Global Forum on Transparency and Exchange of Information for Tax Purposes

In recognition of the importance of global tax transparency, Fiji officially joined the Global Forum on Transparency and Exchange of Information for Tax Purposes on November 16, 2023, becoming its 169th member.

The Global Forum is the leading international body working on the implementation of global transparency and exchange of information standards around the world. Since the end of banking secrecy in 2009, the international community has achieved great success in the fight against offshore tax evasion. Working through the Global Forum, countries have implemented robust standards that have prompted an unprecedented level of transparency in tax matters along with increased tax revenues and fairness in the tax system.

Becoming a member of the Global Forum marks a pivotal measure in addressing concerns related to the European Union (EU) Blacklisting. This move is aligned with the key requirement of the EU Code of Conduct, which mandates participation in the Global Forum and the establishment of cross-border information-sharing channels.

The Chair of Global Forum, Mr. Gaël Perruad was very pleased to welcome Fiji as the latest Global Forum member. Mr. Perruad stated Fiji’s adhesion perfectly demonstrates the joint resolve to enhance and optimize international collaboration in the fight against tax evasion and avoidance.

Like all other members, Fiji will participate in the decisions of the Global Forum on an equal footing and will engage in combatting offshore tax evasion through the implementation of the internationally agreed standards of Exchange of Information on Request and Automatic Exchange of Financial Account Information.

Fiji will take part in the extensive capacity-building program initiated by Global Forum to implement the required transparency standards and will receive assistance to make the best use of cross-border information-sharing channels.

The Acting CEO of FRCS, Mr. Malakai Naiyaga, echoed similar sentiments.

Mr. Naiyaga affirmed ‘that the decision to join the global forum is a major step towards achieving one of our strategic objectives for the year to remove Fiji from the EU blacklist. With government backing, we have successfully achieved this specific milestone’.

Mr Naiyaga further added ‘that the team at FRCS are dedicated to removing Fiji from the EU blacklist. Having progressed through various crucial EU requirements, we have a well-defined plan to address the other outstanding obligations. Joining the forum will also enhance our international collaboration against tax evasion and avoidance’.

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