PracticeConsultingGibraltar row halts OECD tax purge.

Gibraltar row halts OECD tax purge.

Progress by the OECD on tackling tax havens has hit a further delay after Spanish officials insisted Britian take action over financial policies in Gibraltar.

The OECD was expected to publish a report of its Committee on Fiscal Affairs on Monday. But Spain, an OECD member, has refused to agree the report until it gets action over Gibraltar.

Madrid claims the territory has no right to negotiate for itself on international issues and that the UK must represent it.

Reports in El Pais newspaper say the Spanish government is concerned that unilateral agreements with the OECD would give the territory more international recognition than it could tolerate.

The British government says it has no jurisdiction over the fiscal matters of Gibraltar.

The blocked report contains the proposal to postpone until 30 November the latest OECD blacklist of tax havens which would grant extra time to many offshore tax jurisdictions to consider the organisation’s proposals.

Currently 35 tax havens appear on an OECD blacklist, for failing to co-operate over harmful tax practices. The countries are threatened with economic sanctions and having favourable tax treaties scrapped if they do not change their position.

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