Nauru makes economic progress

Nauru has been recognised by the Organisation for Economic Cooperation and Development (OECD) for the progress it has made on tax transparency.

The nation has been given a rating of ‘largely compliant’ by the OECD’s Global Forum review.

The OECD’s Global Forum is a body that gives direction on how to achieve and maintain international standards and is a body on which Nauru places a high value.

Nauru’s status was reviewed under the Global Forum’s Fast Track Phase 2 process in the lead up to the G20 Summit in July in Germany.

The Minister for Finance David Adeang said Nauru had formally committed to the Automatic Exchange of Information on tax matters.

“We are dedicated to implementing measures to enable our country to join the global tax community,” he said.

“We are committed to combating tax evasion, money laundering and terrorism funding, while also promoting compliance and transparency.

“It’s a significant step forward for the Waqa Government to help secure Nauru’s position in the international community.”

The largely compliant rating has enabled Nauru to achieve a standard required by G20 nations.

A formal in-country review to confirm this rating will take place in the third quarter of 2018.

Please click on this link for more information on the OECD Global Forum report.