OECD Releases Guidance for Developing Economies

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Direction and guidance to assist tax administrations specifically for developing and emerging economies, who often struggle to keep up with the lengthy and costly bureaucracy involved in amending national legislation. Technical aspects distinguishing between legal persons and legal arrangements such as trusts have also been included.

The implementation guidance specifies how the OECD Global Forum’s standards on beneficial ownership has been published. It describes how policy deliberations can be used in implementing appropriate legal and supervisory frameworks on a budget, or on very little funding, to ensure that law-enforcement officials in third-world countries also have access to sturdy and legitimate data on Beneficial Ownership for a company or other entity.