Anguilla Joins International Tax And Investment Organisation

by Amanda Banks, Tax-News.com, London

10 September 2001

It was revealed recently that Anguilla has joined the International Tax and Investment Organisation (ITIO), the multi-lateral, intergovernmental government formed in March to formulate a joint response to the OECD's Harmful Tax Practices Initiative.

The ITIO was initially formed in order to enable its member countries, who are all Small and Developing Economies, to present a united front in the face of OECD threats regarding 'harmful' taxation, but it is also said to be looking into other international tax and investment initiatives, such as the OECD's initiative on e-commerce taxation.

Lynette Eastmond, Director of the ITIO, summed up the attitude of the member countries: 'ITIO members are firmly opposed to criminal tax evasion,' she affirmed. 'We are also opposed to the development of rules that stifle competition. We believe the OECD and other international bodies should involved SDEs equally and by right in developing any new international standards.'

Meanwhile, Anguilla Finance Minister Victor Banks, who has always been cooperative but cautious in matters involving the OECD, stated that the jurisdiction was delighted to become a member of the ITIO, and recognised the need for effective financial services safeguards in order to protect Anguilla's reputation as on offshore financial centre.

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