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Uruguay Stays On OECD Grey List

by Mike Godfrey, Tax-News.com, Washington

24 August 2010


Uruguay has reached agreement with India on an information exchange agreement, but for the present will stay on the grey list of the Organisation for Economic Co-operation and Development (OECD), since seven of its 12 agreements, including the one with India, still await signature.

The five accords already signed are with Germany, Mexico, Portugal, Spain and France. The accords awaiting signature are with Korea, Finland, Switzerland, Malta, Liechtenstein, India and Belgium. Another with Hungary is under review because it was said to be not fully compliant with OECD conditions. Apart from these no further negotiations have been initiated or planned, except those already begun with Malaysia, Chile and Luxembourg.

Alvaro Romano, a deputy director of general revenue from Uruguay’s ministry of finance, has confirmed that Uruguay reached the agreement with India last August 12, a process begun in 2004 but delayed because of Uruguay’s 2007 tax reform. Signatures on this and the other six accords are expected to take place before the end of the year.

On September 29-30, 2010 the OECD will hold a conference in Singapore, to review progress achieved by each country on exchange of tax information and, in preparation for this, it has published a background information brief.

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
TAGS: tax | business | offshore confidentiality | tax information exchange agreement (TIEA) | Belgium | Chile | Hungary | India | Malta | Portugal | Uruguay | banking | Organisation for Economic Co-operation and Development (OECD) | Liechtenstein | Luxembourg | Mexico | Singapore | offshore | banking secrecy | Brazil | Finland | France | Germany | Malaysia | Spain | Switzerland | Argentina

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