Switzerland to be dropped from tax haven list: OECD
The Organisation for Economic Cooperation and Development said that Switzerland will be removed this week from a list of uncooperative tax havens when it signs its 12th accord with Qatar on data exchange.
By Agencies |
ZURICH: The Organisation for Economic Cooperation and Development on Thursday said that Switzerland will be removed this week from a list of uncooperative tax havens when it signs its 12th accord with Qatar on data exchange.
The Paris-based organisation of 30 developed economies said it has been informed that Switzerland will "shortly" sign this deal.
"This will mark the 12th agreement conforming to the OECD standard and will mean that Switzerland joins the category of jurisdictions that have substantially implemented the internationally agreed tax standard," it said.
"Because of the time difference, this will be reflected in the regular progress report to be issued Friday morning in Paris," it said.
Since the OECD unveiled its 'grey list' of jurisdictions that have not substantially implemented its standards on tax cooperation, 11 territories have been removed from the list after they implemented new rules allowing for greater transparency in their banking systems.
"Switzerland will now join that category, said the OECD. The 11 territories were named as Austria, Belgium, Bermuda, the British Virgin Islands, Bahrain, the Cayman Islands, Luxembourg, Monaco, Netherlands Antilles and San Marino.
The Paris-based organisation of 30 developed economies said it has been informed that Switzerland will "shortly" sign this deal.
"This will mark the 12th agreement conforming to the OECD standard and will mean that Switzerland joins the category of jurisdictions that have substantially implemented the internationally agreed tax standard," it said.
"Because of the time difference, this will be reflected in the regular progress report to be issued Friday morning in Paris," it said.
Since the OECD unveiled its 'grey list' of jurisdictions that have not substantially implemented its standards on tax cooperation, 11 territories have been removed from the list after they implemented new rules allowing for greater transparency in their banking systems.
"Switzerland will now join that category, said the OECD. The 11 territories were named as Austria, Belgium, Bermuda, the British Virgin Islands, Bahrain, the Cayman Islands, Luxembourg, Monaco, Netherlands Antilles and San Marino.
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