Monday, November 7, 2011

Switzerland, Liechtenstein Among 11 ‘Tax Havens'

President Nicolas Sarkozy Nov. 4 named 11 jurisdictions that he said the world's leading economies consider “tax havens,” because they have failed to adequately adopt or implement legal systems to allow tax information exchange and transparency.

Countries Identified as Havens.

In his final press conference in which he described summit outcomes, Sarkozy said that, in a report to the G-20, the Global Forum on Transparency and Information Exchange for Tax Purposes, fingered:
  • Antigua
  • Barbados
  • Botswana
  • Brunei
  • Panama
  • the Seychelles
  • Trinidad and Tobago
  • Uruguay and
  • Vanuatu
as lacking legal systems that allow exchange of information for tax purposes.

He said the reports name two more, Liechtenstein and Switzerland, that he said have failed to adequately implement information exchange mechanisms that they have recently adopted.

“Countries that remain tax havens with banking secrecy will have to answer to the international committee,” Sarkozy warned.

OECD Comment.
The Organization for Economic Cooperation and Development, which hosts the Global Forum, cautioned that the 11 countries Sarkozy named, which are all forum members, have committed to make changes to improve their information exchange.

Another BLACK LIST? 

Stay Tuned!

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