Monaco is the latest tax haven to agree to new rules on the sharing of tax information as part of the OECD’s campaign to clean up tax havens across the world.
In the last few months, havens including Switzerland, Luxemburg and the Bahamas have agreed to co-operate with the OECD, which is trying to establish rules around how tax havens share tax information.
Pressure is also mounting for leaders attending the G20 meeting to be held next week in London to tackle the issue of tax by introducing sanctions for countries that do not agree to information-sharing principles.
France and Germany are particularly keen to ensure they do no miss out on tax revenue from high-income earners who use tax havens to conceal their affairs.
Overnight, OECD Secretary-General Angel Gurría said Monaco “is prepared to expand the scope of an anti-fraud agreement that it is negotiating with the European Commission so that the agreement incorporates the OECD standards fully”.
The principality expects to have the agreement in place before the end of the year.
Related stories:
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
