GFS LinkedIn
GFS Facebook
GFS Twitter
GFS RSS feed

Cayman & Bermuda rapped over tax

Friday 12 November 2010 - by Will Henley

Eighty countries have now implemented international tax evasion standards, according to figures released by the Organisation for Economic Co-operation and Development.

A report detailing progress up to 10 November shows that the number of compliant nations has doubled since April 2009, while more than 500 information exchange agreements have been signed.

In a presentation at the G20 summit in South Korea on Friday, OECD Deputy Secretary-General Pier Carlo Padoan however revealed that "a number of deficiencies" in tax regimes have been identified in Bermuda, Cayman, Jamaica, Monaco and Qatar.

"We are working with these jurisdictions to address these problems," he said, adding that even more "serious" deficiencies have been found in the tax regimes of Botswana and Panama.

The internationally agreed tax standard, developed by the OECD and endorsed by G20 finance ministers in 2004, requires the transparent exchange of information on request for the enforcement of domestic tax laws.


Despite their "deficiencies", Bermuda, Cayman and Monaco have implemented the OECD tax standard, the report notes.

In his presentation, Padoan added that the OECD estimates that Germany has collected some €4 billion from offshore evaders. France has collected an extra €1bn ($1.3bn), Italy €5bn ($6.8bn) and the UK €600m ($821m).

He said that the OECD intends to complete 70 reviews of countries by the next 2011 summit.


WHAT DO YOU THINK?
 
Name:
   
Email:
   
Comment:
   
Post as Anonymous
  Display name
   
Please, enter security code
   
 

No comments yet.

STRAW POLL

Will markets in 2012 have a tougher time than 2011?

Yes

No

Don't know

View results

FIND A REGION world regions