The Government of the Caribbean offshore nation of Antigua and Barbuda released a statement on Wednesday, revealing that the jurisdiction will not be included on the forthcoming revised OECD blacklist.
The multilateral Organisation for Economic Cooperation and Development has set a February 28 deadline for those countries still included on the list of nations with 'harmful tax regimes' to co-operate in order to improve financial transparency, increase information exchange with high tax countries, and end preferential tax treatment for foreign interests. Those who refuse to comply face the imposition of sanctions and other measures by OECD members.
However, following two days of talks with OECD officials, the Antiguan Government has committed to work with the OECD on these issues, and to take part in a global forum to discuss implementation.
Talking to the Reuters news service Antigua and Barbuda Prime Minister, Lester Bird, explained the Government's change of heart:
'The OECD has considerably modified its original harmful tax competition initiative which had caused us great concern,' he noted. 'We now look forward to growing our financial services industry without any shadows hanging over it.'
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