The Global Forum on Transparency and Exchange of Information for Tax Purposes has released a new series of peer review assessments, evaluating five jurisdictions’ adherence to international tax transparency standards. The newly published reports cover Antigua and Barbuda, Benin, Cabo Verde, Palau, and Seychelles, with two representing reassessments of previously reviewed nations.
These evaluations, formally adopted by Global Forum members after December 2025 approval, demonstrate the continuing evolution of global tax transparency efforts. Benin, Cabo Verde, and Palau underwent Phase 1 reviews focusing exclusively on their legal and regulatory frameworks due to their limited practical experience with information exchange upon request (EOIR). All three jurisdictions were found to have generally adequate frameworks in place, though each requires specific improvements. Their Phase 2 reviews, assessing practical implementation, are scheduled to commence by 2028.
Antigua and Barbuda and Seychelles received combined assessments evaluating both legal frameworks and practical implementation. Both jurisdictions earned an overall rating of ‘Largely Compliant’ with EOIR standards, reflecting significant progress since their previous evaluations.
The broader context reveals encouraging trends: among 129 jurisdictions completing second-round EOIR peer reviews since 2016, 90% achieved ‘Compliant’ or ‘Largely Compliant’ ratings, while only 2% received ‘Non-Compliant’ designations.
Jurisdiction-specific findings indicate substantial progress alongside ongoing challenges. Antigua and Barbuda demonstrated remarkable improvement through administrative dissolution of approximately 13,200 International Business Companies and voluntary dissolution of another 3,500 entities. The jurisdiction also enhanced accounting record availability by mandating local storage requirements.
Benin’s assessment revealed a generally established legal framework despite deficiencies in beneficial ownership coverage and limitations in information access from anti-money laundering obliged entities.
Cabo Verde’s framework was found generally adequate though hampered by professional secrecy provisions and incomplete beneficial ownership requirements.
Palau’s framework requires enhancement regarding information availability, particularly concerning beneficial ownership documentation for entities without ongoing relationships with obligated persons.
Seychelles showed significant progress since its 2020 review but must improve response rates for accounting information requests and strengthen supervision of nominee arrangements.
The Global Forum continues to serve as the primary multilateral body ensuring global adherence to tax transparency standards through monitoring, peer review processes, and extensive capacity-building programs supporting effective cross-border information sharing.