No More OECD Tax Black List?
By: Ainsley Brown
There are no more countries left on the Organization of Economic Cooperation and Development’s (OECD) Tax haven black list. Does this mean that the black list is no more?
No, not exactly.
The OECD has removed Andorra, Liechtenstein and Monaco from its black list of non-compliant tax havens. The three countries were the last remaining on the list leaving the list currently blank. However, this does not mean that the list no longer exists – far from it – it simply means that there are no countries currently on it. The OECD’s Committee on Fiscal Affairs could, if they found a country to be non-compliant, place it on the black list.
With their removal does this mean that Andorra, Liechtenstein and Monaco are now consider compliant by the OECD?
No, not exactly.
The three are now the grey list, meaning that they have made commitments to move towards internationally agreed tax standards. In order to reach the compliant designation, the three and for that matter any grey listed country, has to sign a number of Tax Information Exchange Agreements (TIEAs). All three have already signed such agreements or are in the process of doing so.
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