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No agreement reached over OECD plans[QQ] Talks in London to resolve the impasse over the OECD’s plans to end harmful tax practices broke up last weekend without agreement.
Officials were highly optimistic going into the talks – hosted by the Commonwealth Secretariat – and hoped to build on a successful Barbados meeting in January.
As part of a global crackdown on tax evasion, the OECD last year asked 35 offshore financial centres to co-operate and revise their tax regimes within a year, or face economic sanctions.
Several tax havens – the Crown Dependencies number among 11 others – have agreed to co-operate fully. The rest will appear on a blacklist due to be released in July. But the meeting ended with only a commitment to continue dialogue.
For a full analysis of the OECD’s demands and the weekend’s London talks, see www.accountancyage.com/News/1116976.