OECD names four nations as non-cooperative tax havens

LONDON: Four countries - Philippines, Costa Rica, Malaysia and Uruguay have been named by the Organisation for Economic Cooperation and Development (OECD) as non- cooperative tax havens.

The OECD, a grouping of rich countries, has also named as many as 39 countries, including Switzerland and Luxembourg, which are not fully-compliant with the international tax standards.

The list has been published after the leaders of G-20 nations on Thursday decided to crackdown on tax havens and agreed to exchange informations on tax upon request.

According to OECD, the four countries - Costa Rica, Malaysia, Philippines and Uruguay - have not committed to internationally agreed tax standards, while the rest have committed but not "substantially" implemented the same.

Apart from Switzerland and Luxembourg, other names in the list include Liechtenstein, Austria, Belgium, Chile, Brunei, Guatemala, Singapore, Cayman Islands, Bermuda, Netherlands, Liberia, Bahrain and Bahamas.

The grouping of developed nations has also named 40 countries, which have substantially implemented the international tax standards. The list includes Mauritius, the country from where large amount of investments are routed into India.