The Cook Islands' position on the "harmful tax competition initiative" by the Organisation for Economic Cooperation and Development (OECD) remains unchanged from that taken since Barbados, says the Prime Minister.
Furthermore, the stance taken by the Pacific will remain one of a solid, collective voice, Dr. Maoate assured yesterday, after having been strongly supported by his Pacific colleagues during the Forum Economic Minister's Meeting in Rarotonga last week.
The Prime Minister's comments come as he prepares to take the lead as the most senior representative among the Pacific Islands' Offshore Financial Centres when high-ranking representatives from the Region converge on Auckland next month for another round of talks with the OECD. Barbados is Dr. Maoate's reference point for entering the dialogue process with the OECD last January - the first opportunity the Cook Islands had to voice its concerns over the initiative on the international stage.
Dr. Maoate will lead a Cook Islands delegation to the New Zealand meeting, which will also be attended by Niue Deputy Premier Young Vivian. A representative from the local Offshore Finance industry is expected to join the talks with the Cook Islands delegation.
With its harmful tax competition initiative reeling from the withdrawal of support from the United States, the OECD is putting on a brave face by maintaining the dialogue process with the Pacific Islands countries.
The Auckland meeting being scheduled for the second week of July is a follow up to the bilateral sessions held in Fiji in April, and an earlier gathering in Tokyo last February, which was attended by Justice Minister Tangata Vavia.
While the Cook Islands continues to promote the need for a true multilateral dialogue process on international taxation standards, the OECD has maintained a July 31 deadline threat to list offshore finance jurisdictions as "uncooperative tax havens" and enforce "defensive measures".
The Cook Islands has led the Pacific's argument against the OECD's unilateral move to introduce standards based on its own negotiated definitions.
Along with the jurisdictions in the Caribbean, the Pacific Islands have maintained the need for international consensus on standards, which may be developed from the establishment of a global forum to discuss taxation issues.