Surprise Surprise……..

Citywire

British tax havens have escaped a blacklist of jurisdictions refusing to share information on tax dodgers. 

The Organisation for Economic Cooperating and Development (OECD) blacklisted Costa Rica, Malaysia, the Philippines and Uruguay for not committing to an international agreement to share tax information – world leaders at the G20 summit promised to take action against countries on the blacklist.

‘We have agreed an end to tax havens that do not transfer information on request,’ said Prime Minister Gordon Brown, at the summit yesterday. ‘We have agreed tough standards and sanctions for use against those who don’t come into line in the future.’

The Caymans Islands and six other British overseas territories were put on the OECD’s grey list of jurisdiction, which have agreed but have not implemented enough tax sharing agreements. Famous tax havens like Monaco, Liechtenstein and Switzerland also appear on the grey list.

The crackdown on tax havens had been promised by both Barack Obama and Brown and HM Revenue and Customs has stepped up its action against offshore tax evaders over the last year.

The Isle of Man, Jersey and Guernsey appear on the white list of jurisdictions that are willing to share tax information. The three offshore jurisdictions have signed a flurry of tax agreements in the last few weeks ahead of the G20 summit.

The Manx government, which has signed over 14 tax information agreements, said it welcomed the OECD report. ‘We are delighted that our work has been recognised at the highest level and a distinction made between those jurisdictions that have made great strides in this arena and those that have not,’ said Tony Brown, chief minister of the Isle of Man.