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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