The OECD announced today the removal of Liberia from its List of Unco-operative Tax Havens, following that country’s commitment to implement a programme to improve transparency and establish effective exchange of information in tax matters.
A release from the OECD advises that Liberia joins 33 other jurisdictions that have made similar commitments in relation to its work to curb harmful tax practices. Four jurisdictions remain on the OECD List of Unco-operative Tax Havens, published in April 2002: Andorra, Liechtenstein, the Marshall Islands and Monaco.
OECD Secretary-General Angel Gurría welcomed Liberia’s commitment and said the OECD would be ready to assist Liberia as it takes forward reforms in the tax area. *“This is a time of great change in Liberia,”*he said. *“Liberia’s commitment to the standards of transparency and effective exchange of information in tax matters will contribute to enhancing its reputation in the international community, which will be beneficial to its long-term development.”*
The OECD says its work in favour of transparency and effective exchange of information in tax matters is designed to enable countries to enforce their tax laws fully and fairly. Its latest report – Tax Cooperation: Towards a Level Playing Field –2006 Assessment by the Global Forum on Taxation – shows that most jurisdictions have made considerable progress in implementing agreed standards.