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The Caribbean News Agency

Monday, February 19, 2001

CARICOM approves action plan for OECD'S campaign

     Bridgetown, Barbados, CANA - The Caribbean Community and Common Market (CARICOM) has approved an "action plan" in its efforts to combat  pressures from the Organisation for Economic  Cooperation and Development (OECD) concerning  tax practices in the offshore financial sector. The plan includes obtaining legal counsel to deal with the problem at the level of the World Trade Organisation, should the OECD insists in pursuing its threat to impose economic sanctions from July against what it regards as "uncooperative" jurisdictions in the region viewed as "harmful" tax havens. The approval of the  trategy came at the just-concluded 12th Inter-Sessional Meeting of heads of government who met in Barbados under the chairmanship of  Barbados's Prime Minister, Owen Arthur. Arthur is a co-chair with Australia of a Joint Working Committee of OECD and non-OECD countries that was established at last January's consultation on tax  practices sponsored by the OECD and the Commonwealth Secretariat and hosted by Barbados.

 

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