It implies the Department of Taxes (DIMP) can now securely exchange tax information with other countries.
The Global Forum on Transparency and Exchange of Information for Tax Purposes is the primary international body working on the implementation of global standards for transparency and exchange of tax information worldwide. The main goal of the Global Forum is to combat tax evasion and promote international tax transparency.
It is achieved by evaluating and supervising the implementation of international standards for the exchange of financial account information under the Common Reporting Standard among member countries. Aruba committed itself to implementing the Standard for Automatic Exchange of Financial Information (AEOI Standard) for tax matters in 2018. Following Aruba's work to improve data confidentiality and security, a team from the Global Forum recently evaluated and concluded that Aruba complies with the requirements and takes the necessary measures to activate reciprocal exchanges.
As a result, Aruba is considered an adequate partner under the AEOI Standard, which allows it to receive information from other member countries according to the AEOI Standard, which is also used for exchanges in line with transparency standards related to BEPS ("Action 13 Country by Country Reporting" and "Action 5 Transparency Framework").
Aruba places great importance on information security because it builds public trust and protects the confidentiality, availability, and integrity of the island's financial system. Aruba recognizes the importance of data confidentiality and protection. It is committed to implementing and maintaining robust information security measures to protect the confidential information of taxpayers to be a reliable partner in the process of exchanging tax information with other countries.