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Cayman Notes OECD Email On EU's Tax Blacklist

by Mike Godfrey, Lowtax.net, Washington
22 June, 2015

Cayman Finance has responded to the recent publication by the European Union of a tax blacklist of territories seen to be non-cooperative in tax matters, and noted support from the OECD for territories included on that list.

Cayman Finance, the promotional agency on behalf of the Cayman financial services industry, said that it had received an email from the Organisation for Economic Cooperation and Development. It said that the OECD had sought to distance itself from the EU's blacklist.

The agency said the email had been sent to all 126 members of the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes and was signed jointly by the Director of the OECD Center for Tax Policy and Administration (CTPA) and the Head of the Global Forum Secretariat.

According to Cayman Finance, the email said: "As the OECD and the Global Forum, we would like to confirm that the only agreeable assessment of countries as regards their cooperation is made by the Global Forum and that a number of countries identified in the EU exercise are either fully or largely compliant and have committed to the Automatic Exchange Of Information, sometimes even as early adopters."

"Without prejudice to countries' sovereign positions, we are happy to confirm that these jurisdictions are cooperative and we would like to commend the tremendous progress made over the past years as well as the cooperation and integrity of the Global Forum process."

"We have already expressed our concerns and stand ready to further clarify to the media the position of the affected jurisdictions with regard to their compliance with the Global Forum standards."

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