Summary of the report
The Global Forum has rated Liberia Partially Compliant with the international standard on transparency and exchange of information on request for tax purposes.
The Global Forum considered Liberia’s legal framework as of December 2019 and its actual practice of implementing the international standard over requests for information exchanged during the three-year period from April 2015 to March 2018.
The legal and regulatory framework was first assessed as not complying with the standard in 2012 and improvements had been noted in a further review in 2016. The present 2020 Report notes further progress made in complying with the international standard despite a challenging economic environment in the wake of a deadly Ebola virus outbreak a few years ago.
For the first time, the implementation of this legal and regulatory framework has been assessed. The Report highlights important deficiencies in Liberia’s supervision and enforcement in respect of its newly introduced legal requirements of maintaining ownership and accounting information in line with the international standard.
Liberia had limited experience in handling actual EOI requests, having received only two requests during the review period and having sought information in three cases. The procedural handling of requests received from other jurisdictions in Liberia was not found to be fully in line with the international standard on confidentiality of the exchanged information. Liberia has since rectified its procedure but needs to monitor the new procedure closely.
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