Four jurisdictions – Luxembourg, Cyprus, the British Virgin Islands and the Seychelles – have been rated as non-compliant with international tax transparency standards in the latest report from the OECD’s Global Forum.
The report, giving compliance ratings for 50 countries, was issued at the Global Forum’s meeting in Jakarta on Friday.
Eighteen jurisdictions, including the Isle of Man, Belgium, France and South Africa, were rated as fully compliant with the OECD’s recommendations on tax information exchange.
A further 26 were classified as ‘largely compliant’. These included Guernsey, Jersey, the Cayman Islands, Turks and Caicos, Bahamas, Bermuda, Jamaica, Singapore, Hong Kong, Macao, Malta, Monaco and San Marino. The USA and UK also came into this category, their failings mainly being in the area of company ownership registries, though the UK’s slow response to information requests was also highlighted.