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. Nordic States Warn Of 'Defensive Measures' Against Offshore Jurisdictions

Nordic States Warn Of 'Defensive Measures' Against Offshore Jurisdictions

by Ulrika Lomas, Tax-News.com, Brussels

27 June 2007


Whilst welcoming progress made in negotiations to conclude tax information exchange arrangements with a number of offshore jurisdictions, Nordic Finance Ministers have agreed that they may have to consider "possible defensive measures" against un-cooperative governments.

In a statement, the Norden group, which includes the governments of Denmark, Iceland, Finland, Norway and Sweden, observed that ongoing regional and global integration has created an international financial system virtually without border controls, and to be able to enforce various domestic laws, countries are today dependent on other countries’ willingness to share information.

"This is particularly true in the tax area," the statement said. "Unless an increasing number of countries begin to cooperate in sharing tax information, non-compliance with national tax laws will soon become an urgent global problem. It is therefore critical that all countries work towards establishing an international financial system which is based on transparency and effective exchange of information in tax matters."

The Nordic countries started joint Nordic negotiations in July 2006 to conclude tax information exchange arrangements with jurisdictions that have made a commitment to apply the OECD standards on transparency and exchange of information in the tax area.

The Nordic Finance Ministers said they welcomed "substantial progress" made in the ongoing negotiations with Aruba, Isle of Man, Jersey and the Netherlands Antilles. Other negotiations are shortly due to commence with Bermuda, British Virgin Islands, Cayman Islands and Guernsey.

The Nordic countries said that they aim to conclude a large number of tax information exchange arrangements within the next few years. Most jurisdictions contacted by the Nordic countries have "reacted positively" to concluding such arrangements, the statement noted.

However, the ministers concluded that "in order not to disadvantage the jurisdictions that participate in the global efforts to combat international tax evasion, the Nordic Finance Ministers agree that at some stage they will have to consider possible defensive measures against un-cooperative jurisdictions".

The Nordic Council was formed in 1952 and is the forum for Nordic parliamentary co-operation. The Council has 87 members, representing the five countries and three autonomous territories - Faroe Islands, Greenland and Aland. The Nordic Council of Ministers, formed in 1971, is the forum for Nordic governmental co-operation.

TAGS: Curaçao

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 »