OECD to draw up new 'black list' of tax evaders

22nd October 2008, Comments 0 comments

The OECD wants to draw up a new controversial 'black list' of international tax havens and cite those which have been uncooperative with investigators.

Paris -- Ministers and representatives from 18 members of the Organization for Economic Cooperation and Development (OECD) have decided to draw up a new "black list" of international tax havens, after meeting on Tuesday in Paris.

The list will cite countries unwilling to cooperate with international investigators on the lookout for tax evasion by means of securing offshore bank deposits.

Tuesday's conference, which was lead by France and Germany, revealed conflicting views. While the French government maintained an estimated loss of 30 to 40 billion euros (40-53 billion dollars) annually due to offshore tax havens, other OECD members, such as Luxembourg, Austria and Switzerland boycotted the meeting due to their economy’s advantage in providing those tax havens. 

Shortly after the meeting, German Finance Minister Peer Steinbrueck told journalists that tax evasion was not only an economic problem but also a social one.

"If we are not careful, our social and economic systems will lose their legitimacy," Steinbrueck warned. He also accused Switzerland of withholding information necessary to investigate tax evasion.

A conference to combat tax havens is to be held in Berlin in July.


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