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Vanuatu has moved off the Organization for Economic Cooperation and Development's (OECD) "grey list".
Vanuatu's May 31 tax information exchange agreement (TIEA) with Ireland brought its total number of such deals to 12, the OECD has announced. This allows it to move to the OECD's list of jurisdictions considered to have substantially implemented the internationally-agreed tax standards.
Vanuatu has TIEAs with the Nordic economies, France, and San Marino, along with Australia and New Zealand. The OECD states that Vanuatu has participated in the Organization's multilateral TIEA negotiation programme, and has also actively pursued its own schedule of negotiations.
In addition, Vanuatu is continuing to develop its network of exchange of information agreements, has signed a number of agreements which await signature by its treaty partners, and is in the process of negotiating several other deals.
Vanuatu is due for a review of its legal and regulatory framework for information exchange later this year.A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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