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OECD Removes Liberia From List Of 'Uncooperative Tax Havens'

by Ulrika Lomas, Tax-News.com, Brussels

26 July 2007


The Organisation for Economic Cooperation and Development (OECD) has announced the removal of Liberia from its List of Uncooperative Tax Havens, following Liberia’s commitment to implement a programme to improve transparency and establish effective exchange of information in tax matters.

Liberia joins 33 other jurisdictions that have made similar commitments in relation to the OECD’s work to curb harmful tax practices. Four jurisdictions remain on the OECD List of Unco-operative Tax Havens, published in April 2002: Andorra, Liechtenstein, the Marshall Islands and Monaco.

OECD Secretary-General Angel Gurría welcomed Liberia’s commitment, and said the OECD would be ready to assist Liberia as it takes forward reforms in the tax area. “This is a time of great change in Liberia,” he observed in a statement. “Liberia’s commitment to the standards of transparency and effective exchange of information in tax matters will contribute to enhancing its reputation in the international community, which will be beneficial to its long-term development.”

In its announcement, the OECD said that its work in favour of transparency and effective exchange of information in tax matters is designed to enable countries to enforce their tax laws fully and fairly.

A recent report, “Tax co-operation: Towards a Level Playing Field – 2006 Assessment by the Global Forum on Taxation” shows that most jurisdictions have made considerable progress in implementing agreed standards, although the OECD has suggested that further progress is still needed in some.

A comprehensive report in our Intelligence Report series examining offshore confidentiality 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_report1.asp

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