Tax
Four Blacklisted Tax Havens Come In From The Cold, Sign OECD Standards

Costa Rica, Malaysia, Philippines and Uruguay, which last week were put on a tax haven “blacklist” by the Organisation for Economic Co-Operation and Development, have agreed to endorse OECD standards about sharing tax information, the Paris-based body said today.
“They have now officially informed the OECD that they commit to co-operate in the fight against tax abuse, that this year they will propose legislation to remove the impediments to the implementation of the standard and will incorporate the standard in their existing laws and treaties,” the OECD said in a statement.
The OECD, made up of the world’s biggest developed and emerging market countries, has been trying to stamp out tax evasion. Critics argue that offshore financial centres have in some cases been unfairly targeted or blamed for other countries’ own problems.
Because of this latest move, the OECD said the four nations have been moved to the category of “jurisdictions that have committed to the internationally agreed tax standard, but have not yet substantially implemented” in the OECD progress report issued on 2 April.
“We continue to see quick progress in the adoption of the OECD standard. We need a level playing field and are looking forward to quick implementation of the standard,” EU Commissioner László Kovács, the Secretary-General of the OECD Angel Gurria said in a press conference.
Countries that have agreed to improve transparency standards, but have not yet signed the necessary international accords include Luxembourg, Switzerland, Austria, Belgium, Singapore and Chile as well as the Cayman Islands, Liechtenstein and Monaco.
China is on a third "white list" of jurisdictions that have substantially implemented the internationally agreed tax standards. But the OECD said China's two Special Administrative Regions of Hong Kong and Macao had so far only "committed to implement the internationally agreed tax standard."