Vanuatu Stands Up To OECD
According to a report in
the Vanuatu Trading Post earlier this week, the tiny pacific offshore jurisdiction
will not be surrendering to the demands of the Organisation for Economic Cooperation
and Development (OECD) for tax reform and legislative change. This stance is markedly
different from that assumed by some other 'blacklisted' countries, such as Nauru,
and Antigua and Barbuda, which have announced that they will be cooperating
with the multilateral organisation following the February 28th deadline for
commitment to the process of reforming 'harmful tax regimes'. However, according to the
local independent newspaper, Finance Minister Joe Carlo was unrepentant, describing
the OECD's pressure on the smaller offshore jurisdictions as 'blackmail', and
arguing that it reflects the 'neo-colonial' attitudes of countries such as Britain,
Germany, and France. He added that the offshore
finance sector in Vanuatu, and the territory's low tax status, brings in around
four million dollars per year in Government revenue, and provides much needed
employment in the jurisdiction. .
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