Germany and France urge evasion blacklist review
European countires press for tougher moves to hold tax haven terrorities to account
The Organisation for Economic Co-operation and Development is being urged to
re-examine its list of tax haven countries in a bid to bolster moves against tax
evasion, reports
The
Financial Times.
France and Germany have called on finance ministers to issue a mandate to the
OECD when they discuss the initiative at the next meeting of the G7 leading
industrialised nations, in Osaka, Japan, on June 13.
They hope the move will result in the reinstatement of laggard countries on
to the list of uncooperative tax havens run by the OECD, the body co-ordinating
global action against such financial centres.
Paris and Berlin want the OECD to evaluate which countries have followed
through on promises to curb evasion and put those that fail the test back on the
blacklist, which carries a threat of retaliatory measures. An OECD summit in
September would then discuss what action to take. Some 35 jurisdictions have
made such promises, according to the OECD.
The move follows Germany’s investigation into tax evasion occurring in
Liechtenstein. At present there are just three countries on the OECD list of tax
havens – Liechtenstein, Monaco and Andorra.
Further Reading: