Following the G20 meeting in London, the Organisation for Economic Cooperation and Development started naming and shaming non-compliant tax havens this afternoon.
The G20 countries have agreed to work towards levying sanctions on non-compliant countries.
- Read the OECD announcement
- Look at the OECD list
40 countries are shown as compliant, including the offshores of the Channel Islands, Isle of Man, Barbados, Mauritius, and Malta.
Four countries have been blacklisted: Costa Rica, Malaysia, the Philippines, and Uruguay.
Bermuda is on the greylist of 39 “jurisdictions that have committed to the internationally agreed tax standard, but have not yet substantially implemented”. These countries are being observed for rapid progress towards compliance.
The current list shows Bermuda having only 3 of the recommended 12 TIEAs – bilateral information exchange agreements – but Minister Cox has announced that Bermuda recently signed or will sign a passle more of them. It’s clear that this must be a continuing priority for Bermuda.
Of interest is the Cayman approach,where instead of chasing bilateral exchange agreements with individual countries, they enacted unilateral legislation identifying 11 countries which Cayman is prepared to open the kimono to. This approach is being reviewed by the OECD.
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