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Costa Rica, Uruguay. Philipines & Malaysia will exchange TAX information


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Jan 2, 2009
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According to the OCED official website then Costa Rica, Uruguay, Philipines and Malaysia will exchange tax information with other OECD member countries, which makes those countries as offshore banking countries less attractive.

The OECD welcomes recent commitments to the internationally agreed tax standard on exchange of information made by Costa Rica, Malaysia, Philippines and Uruguay. These were the four jurisdictions surveyed by the OECD Global Forum which had not made commitments as of the 2nd April. They have now officially informed the OECD that they commit to co-operate in the fight against tax abuse, that this year they will propose legislation to remove the impediments to the implementation of the standard and will incorporate the standard in their existing laws and treaties.
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Also count in Hong Kong, which for many years has been know as the offshore banking jurisdiction number 1 for their banking secrecy.

Hong Kong's Financial Services and the Treasury Bureau have welcomed an article by the Organization for Economic Co-operation and Development (OECD) commending Hong Kong's transparent tax system and its efforts to comply with international standards on the exchange of tax information.
The article was written by the director of the organization's Centre for Tax Policy & Administration in Paris, Jeffrey Owens.

"Hong Kong has built its position as an international financial centre on the basis of free markets, low tax rates and a transparent tax system. Under the OECD criteria, Hong Kong is not considered a tax haven," Mr Owens said in his article.

On the Financial Secretary's announcement in the 2009-10 Budget to align Hong Kong's exchange of tax information arrangement with international standards, Mr Owens said that Hong Kong was the first major financial centre in the region to make such a move and other Asian countries have since followed its lead.
As for now I believe this is just propaganda, reserve judgment until we know the details of the agreements.

Mayn other offshore countries have been through the same and often they agree to it but nothing happends.
As far as you are doing nothing ilegal it might be no problem, however if you name is everwhere in the media then it is risky for a white list country to plead the 5th, especially a new one on the list.

If you are an average person you won't get hurt of this, their are still a high corruption in these countries and the authorities are working very sloooooow, which is of benefit.


Top 9 Most Perceived Corrupt Nations (Rank-Country-Index Score)

93 Morocco 90

Romania 90

Russia 90

Ukraine 90

Cameroon 90

98 Thailand 91

99 Lebanon 93

Poland 93

101 Lithuania 94

Top 10 Least Perceived Corrupt Nations (Rank-Country-Index Score)

1 Finland 12

2 Denmark 21

New Zealand 21

4 Singapore 22

5 Saudi Arabia 25

6 United Kingdom 36

Norway 36

Switzerland 36

9 Australia 37

10 Sweden 39
Source : Gallup.Com - Daily News, Polls, Public Opinion on Government, Politics, Economics, Management