More tax co-operation

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Bahrain has announced its willingness to work with the OECD in eliminating harmful tax practices, after being included last year on an OECD list of 35 tax havens. Bahrain committed to transparency and exchange of information and said it would change its laws where necessary by the end of 2005, working with the OECD.

It will now not be considered for inclusion on an OECD list of non-cooperative countries and territories and will be invited to attend the next meeting of the OECD Global Forum on tax practices. The Bahrain government said its commitment “will further strengthen Bahrain’s position as a leading, well-regulated financial centre, without changing Bahrain’s policy on taxation and on promoting investment.” Aruba, which also featured on the tax haven list, has also made a commitment to eliminate harmful tax practices by December 31, 2005. In July, the OECD announced that Tonga, another country on last year’s list, is no longer considered a tax haven and will not be included in any OECD list of unco-operative jurisdictions. Bermuda, the Cayman Islands, Cyprus, the Isle of Man, Malta, Mauritius, the Netherlands Antilles, San Marino and the Seychelles have already made commitments to work with the OECD on harmful tax practices. Over the coming months, the OECD will continue to engage in discussions with other jurisdictions interested in co-operating to address the issues raised by harmful tax practices.

©OECD Observer No 228, September 2001

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