Sri Lanka joins Global Forum as 173rd member

Sri Lanka has taken steps to fight tax evasion and other illicit financial flows, becoming the 173rd member and 23rd Asian member of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).

Like all other members, Sri Lanka will participate in the Global Forum on an equal footing and is committed to combatting offshore tax evasion through the implementation of the internationally agreed standards of transparency and exchange of information on request and automatic exchange of information.

The members of the Global Forum include all G20 countries, all OECD members, all international financial centres and a majority of the developing countries.

“We warmly welcome Sri Lanka’s membership,” said Global Forum Chair Gaël Perraud. 

“Sri Lanka’s decision demonstrates the increasing determination of jurisdictions worldwide to join forces in tackling tax evasion and avoidance. This advancement is a meaningful contribution to the strength of our global community and its efforts to enhance international co-operation for tax purposes.”

As a new Global Forum member, Sri Lanka will benefit from the induction programme, a comprehensive multi-year capacity-building programme aimed at helping new members implement and benefit from the above-mentioned standards. 

The Global Forum is the leading multilateral body, mandated to ensure that jurisdictions around the world adhere to and effectively implement both the exchange of information on request standard and the standards on automatic exchange of information. These objectives are achieved through a robust monitoring and peer review process. 

The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.