Spore on OECD’s tax haven blacklist

March 11, 2009
Singapore Democrats

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Anna Willard
Reuters

Switzerland, Luxembourg, Austria, Singapore and Hong Kong will be added to the OECD’s list of non-cooperative tax centres, French newspaper La Tribune said on Wednesday, without giving details of its source.

The newspaper said the Organisation for Economic Cooperation and Development would include around 30 countries out of 84 that were examined.

It also said the list could be revised between now and the summit of G20 leaders on April 2.

“According to our information, the OECD has notably added Switzerland, Luxembourg, Austria, Singapore and Hong Kong to the list which already includes Andorra, Lichtenstein and Monaco,” the newspaper said.

An OECD spokesman denied there was a new list of non-cooperative tax centres.

“What the OECD has done is that we have responded to requests to some G20 members for information concerning different countries and territories’ approaches to the issue of exchange of information for tax purposes and it will be up to the G20 countries as a group to decide what they do with this information,” he said.

The paper said the G20 group of industrialised and emerging economic powers was debating whether to make the list public.

It said France and Germany wanted the document to be published.

France and Germany last week proposed new steps against non-cooperative tax centres and called for a revised set of criteria to draw up the new list.

One proposal was to make financial institutions spell out in their annual reports if they worked with non-cooperative centres. Another was to make supervisory authorities take this extra risk into account in the capital requirements for these institutions.

http://in.reuters.com/article/bankingfinancial-SP/idINLB13389820090311?sp=true