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Cyprus, three others fail global tax test; India fully compliant

In India, Switzerland has been widely perceived as one of favoured safe havens for alleged black money, while Mauritius in recent years has also come out to be known as a major hub for flow of untaxed funds. Photo: The Economic Times
By: The Economic Times

LONDON: A worldwide crackdown on illicit funds has left just four jurisdictions -- Cyprus, Luxembourg, Seychelles and British Virgin Islands -- non-compliant with global tax laws, while India has emerged as 'fully compliant'.

On the other hand, Mauritius has been found to be 'largely compliant', while Switzerland is yet to be rated on this scale as the country has just signed a global convention on automatic exchange of information on tax issues.

In India, Switzerland has been widely perceived as one of favoured safe havens for alleged black money, while Mauritius in recent years has also come out to be known as a major hub for flow of untaxed funds.

According to the latest list compiled by Paris-based OECD (Organisation for Economic Cooperation and Development), a total of 18 jurisdictions are rated 'Compliant', 26 are rated 'Largely Compliant', 2 jurisdictions are 'Partially Compliant' and four jurisdictions are 'Non-Compliant'.

Switzerland and 13 other additional jurisdictions have not been given compliance ratings, pending further improvements to their legal and regulatory frameworks for exchange of information in tax matters, OECD said.

Besides India, other jurisdictions that are 'compliant' include Australia, Belgium, China, Finland, France, Isle of Man, South Africa and Spain.

Meanwhile, Turkey and Austria have been found to be partially compliant with the framework.

As part of crackdown on blackmoney menace, the Global Forum under the aegis of OECD carries out regular review of jurisdictions to address the risks posed by tax havens.

The Forum, that brings together 121 countries and jurisdictions, including India, works through peer review process.

In the first phase, a jurisdiction's legal and regulatory framework for exchange of information in tax matters is reviewed. Later, in the second phase, the application of this framework is looked into.

So far, the Forum has completed 124 peer reviews.

22 Responses to “Cyprus, three others fail global tax test; India fully compliant”

  • mmmmm (24/11/2013, 22:00) Like (0) Dislike (0) Reply
    trouble again
    • Asia Talking (25/11/2013, 07:37) Like (3) Dislike (0) Reply
      Something must be wrong for them all to be saying we r non complaint another reason why the NDP must go!
    • Well saw! (25/11/2013, 15:40) Like (0) Dislike (0) Reply
      We have been in a trade war for a long time; we have been on the receiving end; we haven't done anything up to now about it
      It's like being in a duel, standing with a loaded gun, getting shot continually, without returning fire.
  • Army (25/11/2013, 01:12) Like (3) Dislike (0) Reply
    After 2 years of NDP seems like they will allow us to loose of financial services sector just like we lost the cruise ship…We the people are demanding a new election!!!
    • chups (25/11/2013, 07:59) Like (0) Dislike (0) Reply
      Look me here NDP fighting progress by all means destroying the country. First it was our tourist product through the chasing of carnival; now it’s the off shore by not keeping us off the back list. People wake up before tis too late!!
  • xxxxxxxx (25/11/2013, 01:16) Like (2) Dislike (0) Reply
    This will never happen under a VIP government
  • Liat 521 (25/11/2013, 07:22) Like (2) Dislike (0) Reply
    Where are all the consultants and those who are always on a plane?
  • ann (25/11/2013, 07:35) Like (0) Dislike (0) Reply
    prior to 2011 election we were compliant!!!
  • dog meat (25/11/2013, 10:40) Like (0) Dislike (0) Reply
    poor bvi our reputation gone to the dogs
  • Virgin Son (25/11/2013, 13:31) Like (0) Dislike (0) Reply
    unfortunately this is merely another 3 day wonder at best.
  • HAHA (25/11/2013, 13:35) Like (0) Dislike (0) Reply
    You all got to be tired blogging over and over using different names on a story pitched to the page bottom. nobody believe you maaaan. loll
  • she the cat mother (25/11/2013, 13:49) Like (0) Dislike (0) Reply
    How ironic that the truth is the NDP is not respected abroad
  • John (25/11/2013, 13:54) Like (0) Dislike (5) Reply
    For those of you who are seemingly unaware, a lot of the issues we as a jurisdiction are now facing started under the VIP Government. Things would have worse under a VIP Government. This is a fact. The VIP Government has no clue about the financial services sector. I prefer to take my chances with the NDP is this regard.
    • mean dean (25/11/2013, 14:18) Like (0) Dislike (0) Reply

      it was vip who brought financial services to where it is.

      • I mean dean (26/11/2013, 06:52) Like (0) Dislike (0) Reply
        yeah......... tis vip who brought the financial services where it is. yeah.....non compliant. thank you vip we now see the fruits of your labour. ndp bite off abig mouth full hop they can chew it.
    • @ John (25/11/2013, 14:27) Like (2) Dislike (0) Reply
      Iron lady minister you are away on our tax dollars and just spending your trip blogging? go from here and go pray
    • alpine (26/11/2013, 09:27) Like (0) Dislike (0) Reply
      You sound so stupid
  • xxxxxxxx (25/11/2013, 14:26) Like (1) Dislike (0) Reply
    Fix our economy Dr. Smith so that others won’t ever perceive us as not complying with their rules that they have changed so many times for the way this is going many of us will have a need to flee to this country
  • pack man (26/11/2013, 09:56) Like (0) Dislike (0) Reply
    thougt the NDP was the Spin Master!


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