Wednesday, April 8, 2009

Update: OECD Removes Countries From Tax Haven Blacklist

On April 2, 2009, we reported that the Organization for Economic Co-operation and Development (the "OECD") published a list of jurisdictions that had not agreed to international tax standards ("tax havens") in connection with the G20 leaders' commitment to crack down on tax havens. Yesterday, the OECD announced that the four jurisdictions identified on the blacklist (Costa Rica, Malaysia, Philippines and Uruguay) have 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". As a result, they have been removed from the blacklist.