TaxCorporate TaxMarshall Islands no longer a ‘harmful’ tax haven

Marshall Islands no longer a 'harmful' tax haven

OECD pulls Marshall Islands off list of uncooperative tax havens, as it commits to more transparency

The Marshall Islands have been removed from the OECD’s list of harmful tax
havens after the jurisdiction committed itself to improving transparency and
establishing exchange of tax information.

The pledge from the Marshall Islands means that the OECD now only lists three
regions – Andorra, Liechtenstein and Monaco – as uncooperative tax havens.

‘The Marshall Islands joins 34 other jurisdictions that have made similar
commitments aimed at ensuring an environment in which all significant financial
centres meet high standards of transparency and exchange of information for tax
purposes.

‘The OECD’s work in this area is designed to enable countries to enforce
their tax laws fully and fairly, notably by ensuring that they can obtain from
other countries relevant information when needed,’ the organisation said in a
statement.

The OECD has made transparency and exchange of tax information one of its key
priorities, and although it believes that it has made significant progress in
achieving this aim it recognises that ‘further progress is still needed in some
countries’.

Further reading:

Read the
letter
from the Marshall Islands to the OECD

Tax havens will cease to exist

Darling on the offensive against UK ‘tax haven’ claims

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