CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. CARICOM Slams Sarkozy's Tax Haven Slur

CARICOM Slams Sarkozy's Tax Haven Slur

by Phillip Morton, Investors Offshore.com

12 December 2011


The Caribbean Community’s Council for Trade and Economic Development (COTED) has publicly rebuked French President Nicolas Sarkozy’s characterization of three of its member states as 'tax havens'.

In a statement, the COTED said that: “The member states of the Caribbean Community (CARICOM), like Europe, are seeking to re-ignite growth, create jobs and ensure financial stability. We are therefore deeply concerned by the recent statements made by the President of France at the end of the G-20 Summit last month which identified Antigua and Barbuda, Barbados and Trinidad and Tobago as ‘tax havens’ [among a list of eleven territories].”

The statement added: “In particular, CARICOM states consider the remarks made at the G-20 Summit press conference by the President to the effect that the 11 countries identified by the Global Forum on Transparency and Exchange of Information for Tax Purposes are regarded as 'tax havens' to be at variance with the spirit conveyed in the Official Declaration by the G-20.”

According to COTED, Sarkozy’s remarks fail to recognize the efforts being made by the CARICOM states identified to bring their legal and regulatory framework into compliance with the global standard. “To be absolutely clear, the Global Forum has not, in fact, published a list of eleven ‘tax havens’, and it has certainly not identified any of these jurisdictions as a tax haven.”

Sarkozy's comments relate to territories that were seen to have flaws in their frameworks for the exchange of tax information in accordance with international standards in recent country-by-country peer review assessments. The concerned territories have yet to progress to the second phase of assessment on 'tax information exchange in practice' pending remedial action to address the 'framework' deficiencies identified.

The statement continues:

“Given our member states’ ongoing collaboration and cooperation with the Global Forum in order to ensure that their legal and regulatory framework meets the global standard, such characterization of CARICOM states is subjective and completely without basis. We therefore categorically reject the President’s assertions with respect to CARICOM states.”

“CARICOM member states acknowledge the outcome of the peer reviews and have been taking action both in respect of our national legal and regulatory framework, as well as in respect of the Intra-CARICOM Double Taxation Agreement (ICDTA), which has been in existence amongst our countries since 1994.”

“In this regard, we are amending the ICDTA to bring the exchange of information provisions in compliance with the global standard.”

CARICOM's statement concludes in recalling that “the Global Forum is intended to be a collaborative and cooperative process rather than the adversarial relationship with the OECD that had prevailed in the past.”

TAGS: compliance | tax | offshore confidentiality | tax information exchange agreement (TIEA) | fiscal policy | law | international financial centres (IFC) | Organisation for Economic Co-operation and Development (OECD) | Trinidad and Tobago | offshore | Antigua and Barbuda | France | standards | Barbados

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »