BVI Removed From OECD Blacklist
The Organisation for Economic
Cooperation and Development announced on Wednesday that the British Virgin Islands
will not be included in its updated list of 'uncooperative tax havens', due
to be released soon. Although the jurisdiction
did not reach an agreement with the OECD before the February 28 deadline, Chief
Minister Ralph T. O'Neal was keen to point out in early March that the BVI government
had submitted a draft commitment letter, and that the details of the agreement
were being finalised in discussion with the multilateral body. However, he admitted at
the time that negotiations had been 'long, arduous and complex' and 'had involved
give and take on both sides'. An OECD statement published
on Wednesday stated that the body 'looks foward to working with the British
Virgin Islands' and urged other jurisdictions which have not yet committed to
tax and transparency reform to come forward. According to the OECD, Andorra,
Liberia, Liechtenstein, the Marshall Islands, Monaco, Nauru, Niue, Panama, Western
Samoa, and Vanuatu still remain 'blacklisted', although the organisation revealed
that commitments from some of the jurisdictions in question are currently being
studied by OECD officials. .
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.