I AM NOT A FAN OF THE USE OF UNILATERAL MEASURES IN international diplomacy; including the use of tax haven or other types of blacklists related to compliance with global norms on transparency and information exchange. Although we often think of this kind of state action in the context of armed conflict where there are … More OP-ED: Why Europe is Ill-Suited For The Business of Blacklisting So-Called ‘Non-Cooperative’ Jurisdictions.
The U.S ranks 94th out of 100 on the Tax Attractiveness Index (TAI); is the worst performer of all G8 countries; and of its G20 colleagues, it only managed to out-rank Argentina, South Korea and Indonesia. Little wonder perhaps that U.S multinationals have found better tax planning opportunities in the index’s top 10 highest ranking … More Why America Might Need Our Sympathy.
(French Finance Minister Pierre Moscovici Image courtesy ukreuters.com) Within days of my own prediction of a new OECD tax haven blacklist, France announced that it will amend its anti-tax evasion legislation to ensure that countries who do not adopt the automatic exchange of information by 2015 will be ‘blacklisted’. This means that operators located in, or realising … More France Announces New Tax Haven Blacklist. Are You Surprised?
[UPDATE: WTO Panel Grants Panama Victory in Argentine Financial Services Case….more here.] In the absence of a global body to manage the international tax agenda – and no, the OECD, even if backed by the G-20 does not count – can the WTO fill the void? The WTO is after all a proper, truly representative … More UPDATE: Could the WTO Have the Final Say on Blacklists?
That’s not the end of the story. On May 30th Argentina repealed its 13-year old blacklist of uncooperative jurisdictions which included almost half of the current membership of the United Nations. The soon to be announced replacement is not colour-coded and adopts a different approach entirely. Instead of identifying those countries with whom the Argentine Revenue … More Tax Haven Blacklist Repealed, but Wait…
Don’t blame the IMF. True, one of their technical assistance teams,in a November 2012 report, completely rewrote Mongolia’s model tax treaty and cautioned that its existing treaties – in particular the one with the Netherlands – were “problematic” and recommended “immediate action” be taken because the agreements were costing the government much needed tax revenue; … More Why is Mongolia Cancelling its Tax Treaties?