The Organisation for Economic Cooperation and Development (OECD) on Tuesday revealed that it has removed Vanuatu from its list of 'uncooperative tax havens', following the jurisdiction's announcement earlier this year that it will implement measures under the Harmful Tax Initiative.
'The OECD welcomes the commitment that Vanuatu has made to improve the transparency of its tax and regulatory systems and establish effective exchange of information for tax matters with OECD countries by 31 December 2005,' the Organisation announced.
This makes Vanuatu the first country to secure removal from the OECD's blacklist, and the 32nd non-OECD member to commit to the multilateral body's tax information exchange principles.
The six jurisdictions which remain on the list are: Andorra, Liechtenstein, Liberia, Monaco, The Marshall Islands, and Nauru.
A comprehensive report on the OECD, FATF and other 'offshore' initiatives, including the EU's Savings Tax Directive, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop
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