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Today’s Top Headlines

OECD Welcomes Tax Information Exchange Agreements

by Carla Johnson, Investors, London

30 April 2008

The Organisation for Economic Cooperation and Development (OECD) on Friday welcomed two new bilateral arrangements for the exchange of information for tax purposes, between Guernsey and the Netherlands and between the Isle of Man and Ireland.

The OECD revealed that this brings to fourteen the number of such agreements signed since the beginning of 2007 by jurisdictions committed to work with OECD countries.

The OECD notes that “other negotiations” are ongoing and are expected to lead to further new agreements shortly.

The agreement with the Netherlands is the second such agreement signed by Guernsey, which concluded an agreement with the United States in 2002. For the Isle of Man, the agreement with Ireland is its tenth tax information exchange agreement.

Paolo Ciocca, Chair of the OECD’s Committee on Fiscal Affairs, argued that the agreements enhance the international reputations of Guernsey and the Isle of Man as legitimate financial centres, thereby strengthening their integration into the international financial system.

Mr Ciocca explained that:

“The trend towards greater transparency and tax cooperation continues as more and more countries and jurisdictions implement the OECD standards."

“Recent events have put international tax evasion in the spotlight, demonstrating the pressing need for action to tackle tax compliance issues in an increasingly borderless world. These agreements will better equip their signatories to address all forms of tax abuses," he concluded.

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