OECD Says Pacific Islands Have 4 Weeks To Comply
Following the announcement
that Barbados has been removed from the OECD's blacklist of countries with 'harmful
tax practices', it was revealed that the six Pacific Island havens which remain
on the list - the Cook Islands, Nauru, Niue, the Marshall Islands, Samoa, and
Vanuatu - have just four weeks to demonstrate willingness to submit to the multilateral
organisation's demands. In a speech given on Thursday,
the Head of the OECD's Fiscal Affairs Committee, Gabriel Makhlouf, asked the
Pacific Island countries to commit themselves to improving the transparency
of their tax systems and to agree to exchange information with high tax countries.
'The Committee has devoted
considerable resources to discussions with the uncommitted jurisdictions including
visits to the Caribbean, Pacific and other regions,' he revealed. 'We believe
that all jurisdictions are now well placed to make a decision to commit before
28 February 2002.' The 11 jurisdictions which
were named as having made commitments to improve tax transparency and information
exchange were named as: Aruba, Bahrain, Bermuda, the Cayman Islands, Cyprus,
the Isle of Man, Malta, Mauritius, the Netherlands Antilles, San Marino, and
the Seychelles. .
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