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Tax Havens Narrowed to Three

August 7, 2007 By News Report

The OECD announced today that the Republic of the Marshall Islands has made a commitment to implement a program to improve transparency and to establish effective exchange of information in tax matters.

As a result of this commitment, the Marshall Islands becomes the second country in the past month, following Liberia, to be removed from the OECD's list of uncooperative tax havens. Only three countries remain on the list: Andorra, Liechtenstein and Monaco.

The Marshall Islands joins 34 other jurisdictions that have made similar commitments aimed at ensuring an environment in which all significant financial centers meet high standards of transparency and exchange of information for tax purposes. The OECD's work in this area is designed to enable countries to enforce their tax laws fully and fairly, notably by ensuring that they can obtain from other countries relevant information when needed.

A recent report, Tax Co-operation: Towards a Level Playing Field -- 2006 Assessment by the Global Forum on Taxation, shows that most countries have made considerable progress in implementing transparency and exchange of information standards, although it notes that further progress is still needed in some countries.

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OECD to Focus on Global Collaboration for Innovation

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