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Center for Freedom and Prosperity's Weekly Update 2) Center's Strategic Memo on Latest Developments in Fight against OECD 3) Quinlan: OECD is on the wrong track 4) Center's Press Statement on the OECD's New Agreement 5) House Leader Dick Armey Attacks Protectionist Tax Bill 6) Antigua and Barbuda's Prime Minister Praises the Center 7) Zagaris: Issues Low Tax Regimes Should Raise When Negotiating With the OECD 8) Clips on OECD's Capitulation 9) CFP Clips It has been reported that the OECD and the U.S. have come to an agreement, but the official announcement has not been made. The Center has released a statement (see below) and the Center issued a strategic memo on the situation today (linked below). We are continuing our work with Capitol Hill and the White House. Much of the issue is in flux, therefore we recommend that all low tax-countries wait and see what the U.S. and the other G-7 countries do before they sign on to anything with the OECD. With the reported new deadline of November 30, there is no reason for any country to sign anything with the OECD (unlike Aruba) until the U.S. defines the limitations on "information exchange." We will be working as hard as we can over the next few months to insure that financial privacy and the rule of law are part of any agreement. 2) Center's Strategic Memo on Latest Developments in Fight against OECD We were hoping to send this memo Monday, but we have been waiting for the final text of the latest OECD agreement. For unrelated reasons (Spain apparently is holding up approval because of their
long-standing feud with England over Gibraltar), the text still has not reached us. Rather than wait, we thought it would be best to release the memo. If the official text of the OECD deal gets released, and if
there is some important feature that is not covered in this memo, the Center will send out a special update. Full memo linked below: 3) Quinlan: OECD is on the wrong track Commentary in AccountancyAge.com: "Recent developments in the US may make many around the world think that the Organization for Economic Cooperation and Development's so-called 'harmful tax competition' project is on the brink of extinction. If only we were so lucky." July 5, 2001, AccountancyAge.com, by Andrew F. Quinlan, For and against: OECD is on the wrong track 4) Center's Press Statement on the OECD's New Agreement OECD Forced to Make Major Concessions, But New Agreement Still Dangerously Flawed 5) House Leader Dick Armey Attacks Protectionist Tax Bill Low-tax hero Dick Armey has written to Treasury Secretary Paul O'Neill opposing a bill which seeks to impose additional taxes on insurers who reinsure risk in low-tax jurisdictions. Full article linked below: July 3, 2001, Tax-News.com, by Mike Godfrey, House Leader Dick Armey Attacks Reinsurance Tax Bill 6) Antigua and Barbuda's Prime Minister Praises the Center "I also want to pay public tribute to the Centre for Freedom and Prosperity in Washington and to Dan Mitchell and Andrew Quinlan in particular for working extremely hard to sensitise the US Congress to the perils of the OECD Scheme. I call on you to give them your support. Their efforts are helping to ensure that freedom and democracy can continue to grow and flourish for the benefit of all peoples." The Center appreciates the kind words of Prime Minister Bird. We look forward to our continued work with Prime Minister Bird and leaders from other low-tax countries. The only way to defeat the imperialism of the OECD is for like-minded people who believe in tax competition, financial privacy and fiscal sovereignty to work together. Link to Prime Minister Bird's full remarks below: June 29, 2001, Honourable Mr. Lester B Bird, Prime Minister of Antigua and Barbuda, before the Caribbean American Chamber of Commerce and Industry at the New York County Lawyers Association in New York
7) Zagaris: Issues Low Tax Regimes Should Raise When Negotiating With the OECD Bruce Zagaris, an international tax expert and partner at Washington, DC law firm Berliner Corcoran & Rowe, delivered a paper on issues low tax regimes should raise when negotiating with the OECD
at CFP's Barbados conference in January. With current developments, Zagaris' paper is very timely and could be very helpful to low-tax jurisdictions dealing with the OECD. Link to paper below: 8) Clips on OECD's Capitulation June 28, 2001, The Washington Post, by Paul Blustein, U.S., OECD Agree on Tax-Haven Crackdown June 29, 2001, The Bureau of National Affairs, United States Wins Compromise Tempering OECD Tax Havens Initiative June 29, 2001, The Miami Herald, by Gregg Fields, Under U.S. pressure, wealthy nations delay stiffer global offshore banking rules June 29, 2001, Tax-News.com , by Mike Godfrey, OECD Agreement Given Cautious Welcome By US Lobbyists June 30, 2001, National Post, by Jonathan Chevreau, OECD's attack on tax havens hits a snag: Hypocritical move designed to protect local tax coffers July 1 2001, Fort Lauderdale Sun-Sentinel, By Antonio Fins, Despite reprieve, havens still wary July 1, 2001, Sunday Business (London), By Martin Essex, Critics Cautiously Welcome International Tax Deal July 3, 2001, International Money Marketing, OECD deadline pushed back as agreement reached with US July 5, 2001, Tax-News.com, by Ulrika Lomas, Spain Uses Gibraltar Card To Wreck OECD Compromise, July 3, 2001, Tax-News.com, by Mike Godfrey, US Treasury To Review Proposed Information Exchange Rules July 2, 2001, The Wall Street Journal, By David S. Cloud and John D. Mckinnon, Politics & Policy: Treasury to Reconsider Regulations On Banks' Reporting on Foreigners July 1, 2001, The Observer, France sells its soul for a fistful of francs: Sleaze stakes June 28, 2001, Tax-News.com, by Jeremy Hetherington-Gore, Wall Street Journal Out-Businesses The FT June 27, 2001, The Washington Times, by Lisa Dean, Bankers to watch customers?
Best regards, Andrew Quinlan
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