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OECD Names Tax Havens

1 min readBy: Gerald Prante

From the BBC:

Costa Rica, Malaysia, the Philippines and Uruguay are the countries listed as not having agreed to taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. standards.

The list is part of efforts agreed at the G20 summit to clamp down on havens.

There is also a list of 38 places that have agreed to improve standards but not yet done so, such as Gibraltar, Liechtenstein, Andorra and San Marino.

On Thursday, G20 leaders agreed to take sanctions against tax havens using the OECD list as its basis.

In their communique, they agreed, “to take action against non-cooperative jurisdictions, including tax havens”.

“We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over.”

Here is the progress report directly from the OECD.

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