Goal posts move on TIEAs

July 8th, 2009

Cayman News Service

On the eve of Leader of Government Business McKeeva Bush’s appointment to sign Cayman’s 11th Tax Information Exchange Agreement, this time with the Netherlands, two OECD countries have indicated that the proverbial goal posts may have shifted once again when it comes to measuring cooperation on fighting global tax evasion. According to reports from a summit in Evian, France, British Prime Minister Gordon Brown and French President Nicolas Sarkozy have called for a March 2010 deadline for sanctions against tax havens that fail to bring their transparency up to international standards.

The UK and France have indicated their desire to see country by country reporting and that twelve agreements alone are not enough to rescue countries from the infamous ‘grey list’.

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