Cartagena (Colombia), Might 30 (EFE).- Latin American nations have achieved “tangible progress” within the final 5 years when it comes to fiscal transparency and of their struggle in opposition to tax evasion and different illicit monetary flows (FFI), says the ‘Fiscal Transparency Report in Latin America 2024’, launched this Thursday.
This report from the World Discussion board on Transparency and Change of Info for Tax Functions, linked to the Group for Financial Cooperation and Growth (OECD), was offered within the Colombian metropolis of Cartagena de Indias the place the signatories of the the Punta del Este Declaration in a name to strengthen motion in opposition to tax evasion and corruption.
“Latin American nations have benefited enormously from the applying and use of fiscal transparency requirements,” the report states.
To attain this, techniques for the alternate of knowledge on request (EOIR) have been strengthened, comparatively extra developed than these for computerized alternate of knowledge on monetary accounts (AEOI), and their influence has been evident: no less than 862 million euros (regarding 934 million {dollars}) in further income recognized solely from 2019 to 2023, because of 2,964 cross-border requests for data.
In the identical interval 2019-2023, no less than 708 million euros (regarding 767 million {dollars}) by using AEOI and voluntary disclosure packages (VDP).
Regardless of the great outcomes, “continued progress is critical for the area to learn from the complete potential of the AEOI,” the examine provides.
In late 2018, senior officers from Latin American nations met on the sidelines of the World Discussion board plenary assembly and signed the Punta del Este Declaration following agreeing to fight illicit monetary flows by higher worldwide tax cooperation.
Progress room
The quantity of earnings misplaced as a result of tax evasion is considerably excessive in most Latin American nations, amounting, by some estimates, to six.1% of the area’s gross home product (GDP), the doc states.
“Regardless of the numerous progress made within the area, there may be nonetheless room for progress and enchancment to attain full and efficient utility and use of fiscal transparency requirements,” the report provides.
Moreover, though using data alternate has expanded “significantly” within the area, using the EOIR instrument stays “fairly uneven” between nations,
Due to this fact, “supporting the event of a tradition of knowledge alternate (EOI) amongst tax auditors, in addition to the elimination of any authorized or administrative obstacles to environment friendly use of the EOIR instrument will proceed to be important.”
Moreover, the report highlights the essential position of worldwide tax cooperation, the essential want for capability growth, and ongoing efforts to totally and successfully apply worldwide requirements on transparency and EOI all through Latin America and past.
The nations that signed the Punta del Este Declaration are Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, Paraguay, Peru, Dominican Republic and Uruguay. Bolivia is an observer.
Members of the Latin America Initiative meet periodically to overview progress, talk regarding challenges, and determine precedence areas for motion.
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2024-06-13 07:45:49
