The commitment includes undertakings in favour of transparency, non-discrimination and effective exchange of information.
Thirty five jurisdictions, including the Seychelles, were identified by the OECD in June 2000 as meeting the technical criteria for being a tax haven. In making its commitment, the Seychelles ensures that it will not feature in a list of Unco-operative Tax Havens to be issued at the end of July 2001. Bermuda, the Cayman Islands, Cyprus, the Isle of Man, Malta, Mauritius, the Netherlands Antilles and San Marino have already made similar commitments.
Talks in London last month ended in stalemate when tax havens proposed a new global tax forum to replace the OECD’s initiative. It was feared OECD momentum on eliminating harmful tax practices had been lost, but today’s announcement should provided added impetus to the reform programme.
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