Switzerland to be dropped from tax haven list: OECD

Last Updated: Thursday, September 24, 2009 - 21:15

Zurich: The Organisation for Economic
Cooperation and Development today said that Switzerland will
be removed this week from a list of uncooperative tax havens
when it signs its 12th accord with Qatar on data exchange.

The Paris-based organisation of 30 developed economies
said it has been informed that Switzerland will "shortly" sign
this deal.

"This will mark the 12th agreement conforming to the OECD
standard and will mean that Switzerland joins the category of
jurisdictions that have substantially implemented the
internationally agreed tax standard," it said.

"Because of the time difference, this will be reflected
in the regular progress report to be issued Friday morning in
Paris," it said.

Since the OECD unveiled its `grey list` of jurisdictions
that have not substantially implemented its standards on tax
cooperation, 11 territories have been removed from the list
after they implemented new rules allowing for greater
transparency in their banking systems.

"Switzerland will now join that category, said the OECD.
The 11 territories were named as Austria, Belgium,
Bermuda, the British Virgin Islands, Bahrain, the Cayman
Islands, Luxembourg, Monaco, Netherlands Antilles and San
Marino.

Bureau Report



First Published: Thursday, September 24, 2009 - 21:15

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