OECD names and shames 35 tax havens
The OECD has today named 35 offshore tax jurisdictions it deems tax havens, guilty of harming trade and investment.
The list includes The Channel Islands, Anguilla and Gibraltar.
A global dialogue on harmful tax practices has also been launched to discuss how to develop a global response to the challenges of harmful tax practices. Harmful tax practices are defined by the Paris-based organisation as those that offer zero or low tax rates but fall short in legal and administrative transparency.
The OECD has threatened punitive action, including economic sanctions, if the tax havens fail to co-operate with the global crackdown.
Those names published were chosen from an initial list of 47 jurisdictions identified as targets for investigation.
Six threatened centres did not appear – Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino – as they agreed last week to co-operate. Six others – Cost Rica, Jamaica, Dubai, Brunei, Macao and Tuvalu – were reportedly dropped from the list because they passed OECD tests.
Those tax havens named were: Andorra, Anguilla, Antigua and Barbuada, Aruba, Commonwealth of the Bahamas, Bahrain, Barbados, Belize, British Virgin Islands, Cook Islands, The Commonwealth of Dominica, Gibraltar, Grenada, Guernsey/Sar/Aldernet, Isle of Man, Jersey, Liberia, Liechtenstein, The Republic of the Maldives, the Republic of the Marshall Islands, The Principality of Monaco, Montserrat, the Republic of Nauru, Netherlands Antilles, Niue (New Zealand), Panama, Samoa, The Republic of the Seychelles, St Lucia, The Federation of St Christopher & Nevis, St Vincent and the Grenadines, Tonga, Turks & Caicos, US Virgin Islands, and the Republic of Vanuatu.
Six tax havens commit to changing practices
