The Organisation for Economic Co-operation and Development (OECD) Secretariat has unveiled a report on financial centres' progress in implementing an internationally agreed standard on exchange of information for tax purposes.
The standard requires exchange of information on request in all tax matters to enforce domestic tax law.
It comprises four parts:
- Jurisdictions that have substantially implemented the tax standard
- Tax havens that have committed to the internationally agreed tax standard but have not yet substantially implemented it.
- Other financial centres committing to the tax standard but have not yet substantially implemented it
- Jurisdictions that are not committed to implementing the standard “Recent developments reinforce the status of the OECD standard as the international benchmark and represent significant steps towards a level playing field,” says OECD secretary general, Angel Gurria.
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“We now have an ambitious agenda, that the OECD is well placed to deliver on. I am confident that we can turn these new commitments into concrete actions to strengthen the integrity and transparency of the financial system,” says Gurria.
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The OECD says its future challenges include, rapidly implementing the standard, speeding up negotiations of TIEAs and extending the scope of OECD’s actions to include more than the present 80 jurisdictions.
The OECD works with 30 member countries and others to develop policy framework for the governance of the world economy.