St Vincent & Grenadines Commits To OECD

Tax-News.com, New York

28 February 2002

St. Vincent and the Grenadines on Tuesday, 26 February, 2002 committed formally to the principles of transparency and the sharing of information enunciated by the OECD after discussions with OECD officials in January and February 2002.

St. Vincent and the Grenadines says it welcomed the shift in the original approach of the OECD in its harmful tax initiative and the willingness of the OECD to listen to the concerns of its economic partners. It is in part because of the modification of the original harmful tax approach that the country decided that it would commit. St. Vincent and the Grenadines will now participate fully in the Global Forum as an equal partner to discuss and determine the interpretation of these commitments.

The decision to commit to transparency and the effective exchange of information is also an expression of the political will in St. Vincent and the Grenadines to ensure that its financial services industry is one that has much to please and little to fault in the eyes of the international community.

In signing on to the OECD elaborated principles of transparency and effective exchange of information, St. Vincent and the Grenadines will not appear on the OECD's list of un-cooperative tax havens and the country will not be subject to defensive measures by OECD member states and committed jurisdictions.

Prime Minister Dr. Ralph Gonsalves said: 'The move by St. Vincent and the Grenadines to commit to these principles is part of a general shift in the direction of the offshore industry in this country away from privacy and towards a new era where the industry will offer innovative offshore products, fiscal incentives and efficiency.'

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