South Africa, 26-27 October 2012

Report

At the invitation of the Head of Secretariat, Ms. Monica Bhatia, the Deputy Secretary General of the WCO, Sergio Mujica, attended the fifth meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes held in Cape Town, South Africa from 26-27 of October 2012.

The Global Forum comprises 116 member jurisdictions and 12 international organizations as observers. Its mandate is to ensure that all jurisdictions adhere to the same high standard of international cooperation in tax matters.

The standard for transparency and exchange of information was developed by the Organisation for Economic Co-operation and Development (OECD) and is intended to achieve an appropriate balance between privacy and the need for jurisdictions to enforce their tax laws.

The meeting was attended by over 200 delegates from 81 jurisdictions and 10 international organizations, as well as regional groups. Pravin Gordhan, South Africa’s Minister of Finance and a former chair of the WCO, delivered a keynote speech emphasizing the importance of transparency, information exchange and international cooperation, especially in the current times of financial difficulties.

The Deputy Secretary General of the WCO, Sergio Mujica, made a presentation on the WCO in which he explained its mission and strategic objectives. In addition, he focused on areas of common interest which could form the basis for further cooperation between the WCO and the Global Forum.