OECD Announces Improved Process for Harmful Tax Practices Initiative

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Friday, December 1, 2000
Bruce Zagaris
On October 18, 2000, the Organization of Economic Cooperation and Development (OECD) announced a new multilateral process in its harmful tax competition initiative. The OECD is inviting jurisdictions identified as tax havens that are interested in cooperation with the OECD Member countries to endorse “a collective memorandum of understanding designed to eliminate harmful tax practices.” According to the OECD press release, the new MOU, agreed at a meeting of the OECD’s Forum on Harmful Tax Practices in Paris, would be employed as an alternative to bilateral agreements between the OECD and individual offshore jurisdictions. The OECD intends that both processes should be equally open and transparent and proceed at the same pace...[more]