Contact Information:

Center for
Freedom and Prosperity
 P.O. Box 10882
Alexandria, Virginia 22310-9998
Phone: 202-285-0244
Fax: 208-728-9639
                                            

CFP Update, July 5, 2001

Center for Freedom and Prosperity's Weekly Update

1) Washington 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
 

1) Washington Update

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:
http://www.freedomandprosperity.org/Papers/m07-05-01/m07-05-01.shtml

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
http://www.accountancyage.com/Tax/1122827

4) Center's Press Statement on the OECD's New Agreement

OECD Forced to Make Major Concessions, But New Agreement Still Dangerously Flawed
http://www.freedomandprosperity.org/press/p06-28-01/p06-28-01.shtml

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
http://www.tax-news.com/asp/story/story.asp?storyname=4291

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
http://www.freedomandprosperity.org/Papers/bird/bird.shtml

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:
http://www.freedomandprosperity.org/Articles/zagaris1.pdf

8) Clips on OECD's Capitulation

June 28, 2001, The Washington Post, by Paul Blustein, U.S., OECD Agree on Tax-Haven Crackdown
http://www.washingtonpost.com/wp-dyn/articles/A54124-2001Jun27.html

June 29, 2001, The Bureau of National Affairs, United States Wins Compromise Tempering OECD Tax Havens Initiative
http://www.freedomandprosperity.org/Articles/bna06-29-01/bna06-29-01.shtml

June 29, 2001, The Miami Herald, by Gregg Fields, Under U.S. pressure, wealthy nations delay stiffer global offshore banking rules
http://www.miami.com/herald/content/business/digdocs/103380.htm

June 29, 2001, Tax-News.com , by Mike Godfrey, OECD Agreement Given Cautious Welcome By US Lobbyists
http://www.tax-news.com/asp/story/story.asp?storyname=4247

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
http://www.nationalpost.com/search/story.html?f=/stories/20010630/606111.html&qs= oecd

July 1 2001, Fort Lauderdale Sun-Sentinel, By Antonio Fins, Despite reprieve, havens still wary
http://www.sun-sentinel.com/business/local/sfl-sbtaxes01jul010.story?coll=sfla%2Db usiness%2Dheadlines

July 1, 2001, Sunday Business (London), By Martin Essex, Critics Cautiously Welcome International Tax Deal
http://www.freedomandprosperity.org/Articles/sb07-01-01/sb07-01-01.shtml

July 3, 2001, International Money Marketing, OECD deadline pushed back as agreement reached with US
http://www.freedomandprosperity.org/Articles/imm07-03-01/imm07-03-01.shtml

July 5, 2001, Tax-News.com, by Ulrika Lomas, Spain Uses Gibraltar Card To Wreck OECD Compromise,
http://www.tax-news.com/asp/story/story.asp?storyname=4333

9) CFP Clips

July 3, 2001, Tax-News.com, by Mike Godfrey, US Treasury To Review Proposed Information Exchange Rules
http://www.tax-news.com/asp/story/story.asp?storyname=4289

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
http://www.freedomandprosperity.org/Articles/wsj07-02-01/wsj07-02-01.shtml

July 1, 2001, The Observer, France sells its soul for a fistful of francs: Sleaze stakes
http://www.observer.co.uk/international/story/0,6903,515169,00.html

June 28, 2001, Tax-News.com, by Jeremy Hetherington-Gore, Wall Street Journal Out-Businesses The FT
http://www.tax-news.com/asp/story/story.asp?storyname=4226

June 27, 2001, The Washington Times, by Lisa Dean, Bankers to watch customers?
http://www.washtimes.com/op-ed/20010627-5595193.htm

 

Best regards,

Andrew Quinlan
Center for Freedom and Prosperity
President
02-285-0244
208-728-9639 (efax)
quinlan@freedomandprosperity.org
www.freedomandprosperity.org

 

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