Notwithstanding the Closing Statement issued by the Co-Chairs of the OECD’s Global Forum on Taxation (see separate news item 15/10/03), the Washington, DC-based Center for Freedom and Prosperity announced yesterday that the international organisation had “suffered a major defeat”.

CF&P President Andrew Quinlan says *”The OECD’s tax harmonization effort has hit a brick wall, and this is good news for the global economy. If high-tax nations are worried that jobs and capital are fleeing to low-tax jurisdictions, they should fix their bad tax laws rather than trying to create a global tax cartel.”* These sentiments were echoed by Daniel Mitchell of the Heritage Foundation, which group cosponsored with the CF&P a tax competition roundtable on October 13, immediately before the Global Forum.

Reportedly, more than 40 representatives from more than 15 jurisdictions attended the Roundtable, which featured nine speakers and analysed how the EU savings tax directive violated the level playing field principle. Organisers say it also explained why a level playing field based on double-taxing capital on an extra-territorial basis is bad tax policy. See link below for the Strategic Memo issued at the Roundtable.