Six tax havens commit to changing practices
The OECD has announced that six further tax jurisdictions have made commitments to eliminate 'harmful' tax practices by the end of 2005.
The ‘advance commitment’ jurisdictions are: Bermuda, Cayman Islands, Cyprus, Malta, Mauritius, San Marino. OECD welcomes these commitments.
The news comes just days before the scheduled report from the OECD Committee on Fiscal Affairs is submitted to ministers detailing the status of its work in identifying and eliminating such practices.
Those embracing the move will demonstrate their backing for international tax standards for transparency, exchange of information and fair tax competition.
On 26 June 2000, the OECD will release its Report on Progress in Identifying and Eliminating Harmful Tax Practices. The Report is expected to include a list of jurisdictions that are tax havens under the criteria of the 1998 Report, and to include the results of the Committee’s review of OECD member country preferential regimes.
Also, on 29 June 2000, the OECD is due to launch a global dialogue on harmful tax practices. This high-level symposium will bring together the 29 Member countries and 30 other countries to discuss how to develop a global response to the challenges of harmful tax practices.
Crackdown on tax havens delayed