OECD removes last three jurisdictions from tax 'blacklist'

The Organization of Economic Cooperation and Development (OECD) has announced that Andorra, Liechtenstein and Monaco have been removed from its list of ‘uncooperative tax havens’, Tax-News.com reported.

The OECD said that its Committee on Fiscal Affairs reached the decision to remove the three jurisdictions from its ‘blacklist’ 'in the light of political commitments… to implement the OECD standards of transparency and effective exchange of information, and the timetable set for the implementation,' according to Tax-News.com.

These three jurisdictions are now considered to have committed to the internationally agreed tax standard but not yet substantially implemented it, and have therefore been elevated to the OECD’s ‘grey list.’

'It is expected that all three jurisdictions will now swiftly implement their commitments,' the OECD was quoted as saying by Tax-News 'This will mean entering into at least a dozen Tax and Information Exchange Agreements (TIEAs).'

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OECD removes last three jurisdictions from blacklist