1st there was Doctors W/O Borders and now…(drumroll)

 

……Tax Inspectors W/O Borders courtesy of the OECD!!

Starting in 2013 a new independent organization set up by the OECD Task Force on Tax and Development will help developing countries bolster their domestic revenues by making their tax systems fairer and more effective. Okay before you start I’m not a cynic but I’m just saying….. given the state of the tax systems in several of the OECD member states I wonder exactly where they will find the expertise to address ‘developing’ country issues. With USAID as a donor agency for the TIWB initiative I guess we know part of the answer. So the role of the UN in all of this is ….?????? Hmm!!

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22 thoughts on “1st there was Doctors W/O Borders and now…(drumroll)

  1. Hi Fran, it is clear that the OECD et al are going to overtime reduce the ability of smaller countries who actually have the flexibility to have fair and attractive tax systems to compete with the larger countries for the attraction of capital. Fran as you well know Barbados has a tax system second to none in the western hemisphere from a tax planning point of view. What would the US or any large country give to be able to implement a system like that of Barbados but they cannot due to their size and the state of their institutions. The answer therefore is to go to countries like Barbados and jerry rig their tax systems so they are not able to attract capital. Can anyone truly argue that Netherlands and luxembourg are not tax havens. but these countries have geopolitics on their side. I have been of the opinion for a long time that Barbados should have removed its ring fenced regime. We should have the tax system of Netherlands or Sweden or Cyprus or Malta. We are making ourselves a target because we have not managed perception. The UK does not look like a tax haven but it is as foreign income of non-residents is not at all subject tot ax if one knows what to do. Only however to the trained eye. With a minimum of substance foreign income can flow through UK resident entities virtually untouched by HMRC. Income can flow to tax neutral environments untrammelled. Has anyone accused the UK of being a tax haven? No, but they are. Unfortunately if smaller countries want to continue to attract and manage foreign capital they are going to have to become more sophisticated in the presentation and structuring of their tax systems otherwise as you point out, our systems will be forced to change and and not necessarily in our best interests. I have read little comment thus far on the practical implications of TIEAs especially in independent jurisdictions with their own laws and court systems. No wonder they are planning to send extra territorial tax inspectors to implement their tax laws in our countries.

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