Korea gets top tax gradingKorea has received a top grade from the Organization for Economic Cooperation and Development regarding international cooperation in exchanging tax-related information, something the United States and United Kingdom could not.
The Global Forum on Transparency and Exchange of Information for Tax Purposes, which functions under the OECD, issued the progress report on tax transparency on Wednesday.
The report gave verdicts on 50 countries and Korea was one of the 18 countries that received the best grade, compliant. The other 32 countries have received lower grades ? largely compliant, partially compliant, or noncompliant.
It is the first time the Global Forum has given out grades for cooperation in tax-related information since it embarked on the assessment process in 2010. It is working on the assessment of around 70 other countries.
Along with Korea, the other OECD members ruled compliant included Australia, Belgium, Canada, Denmark, Finland, France, Iceland, Ireland, Japan, New Zealand, Norway, Spain, and Sweden.
China and India also got compliant grades.
The U.S. received a largely compliant grade along with the United Kingdom, Germany, Hong Kong, Singapore, Italy and the Netherlands.
Three countries Luxembourg, the Seychelles and the Virgin Islands ? were handed noncompliant grades.
The grades were determined largely based on peer reviews, the Global Forum said.
“The report is acknowledgment of Korea’s ability to track taxation information as well as its willingness to provide such information to the international community,” said Shin Byeong-jin, a deputy director of the Ministry of Strategy and Finance.
BY MOON GWANG-LIP [firstname.lastname@example.org]