Luxembourg and Cyprus ranked last in OECD report on tax transparency The two EU member states have not implemented an international standard on information exchange.

Luxembourg and Cyprus do not comply with an international standard on tax transparency, according to a report sponsored by the Organisation for Economic Co-Operation and Development and published today.

The review of 50 leading jurisdictions identified substantial shortcomings in how the two European Union member states, as well as the Seychelles and the British Virgin Islands, had implemented a standard on sharing tax information drawn up by the United Nations and the OECD.

It also found that Austria, together with Turkey, were only partially compliant with the standard.

The report, published at the end of the sixth meeting of the Global Forum in Jakarta, found jurisdictions such as Singapore, Monaco, Qatar and Bermuda to be largely compliant with the standard.

The report did not review Switzerland, pending changes in its tax laws.

The Global Forum was set up by 2001 by the 34 OECD member countries, together with a number of partner countries. It has now grown to encompass 120 countries and jurisdictions, including the European Union.

Members subject their implementation of the international standard for tax transparency to peer review.

The governments of Luxembourg and Austria earlier this month blocked a proposal to introduce stricter rules within the EU on the automatic exchange of information between tax authorities.

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