According to the OECD, Trinidad and Tobago is the only country that fails to comply with international tax transparency standards, something Oxfam strongly disputes.
Even though the US and the Bahamas only made extremely weak commitments and many other countries, like those featured on Oxfam’s list of worst corporate tax havens, still accommodate tax dodging practices by wealthy individuals and big corporations, only one country got blacklisted by the OECD. This blacklist was due to be released during the G20 Heads of State Summit in Hamburg, but in a possible attempt to avoid exposure was instead released overnight on June 29th.
Oxfam’s tax policy advisor, Esmé Berkout, responded:
“The OECD has exposed itself as opaque in its search for tax transparency. Its approach means the blacklist of ‘uncooperative tax havens’ is likely to remain near empty and will do little to prevent corporate tax dodging.”
“The way the OECD released their report calls into question the organisations commitment to cracking down on tax havens and could set a bad precedent when it comes to countries reporting their tax activities.”
“Tax havens are poaching the rightful tax revenue of other countries, including some of the world’s poorest nations. Yet for many countries, being a tax haven has not delivered prosperity.”
“With the OECD failing to get serious on an approach against tax havens, it is vital the EU continues its work towards a more comprehensive list of tax havens that is not just based on secrecy, but also on harmful tax practices, including extremely low tax rates.”
Click here to view the OECD report on international tax transparency standards:
Source: https://oxf.am/2t80Mz0