MARSHALLS TO JOIN BATTLE AGAINST TAX EVASION

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Agreement with Nordic countries to stop cheats

MAJURO, Marshall Islands (Yokwe, Oct. 6, 2010) - The Nordic Council of Ministers signed a tax information exchange agreement with the Marshall Islands last week. According to the Council website, Nordic countries are at the forefront of the ongoing global work to combat tax evasion.

The agreement with the Marshall Islands was signed on Tuesday, September 28, 2010, at a ceremony in the Finnish embassy in Singapore.

The bilateral agreements must be passed in the countries’ parliaments before taking effect.

The agreements with financial off-shore centers (so-called Tax Havens) are part of a targeted and long-term co-operation between the Nordic countries to put an end to tax evasion.

Nordic countries include Sweden, Denmark, Norway, Finland and Iceland, as well as the autonomous territories of Greenland and the Faroe Islands.

Since 2007, exchange agreements have been made with Andorra, Antigua and Barbuda, Aruba, the Bahamas, Belize, Bermuda, Dominica, Grenada, Guernsey, the Isle of Man, Jersey, Monaco, the Netherlands Antilles, the Cayman Islands, the British Virgin Islands, Anguilla, Turcs and Caicos Islands, Gibraltar, the Grenadines, the Cook Islands, Samoa, St. Vincent, St. Kitts and Nevis, San Marino, and St. Lucia.

These countries are some of the 35 tax havens which have made commitment to the OECD (Organisation for Economic Co-operation and Development) to improve transparency and exchange of information.

In 2007, the Marshall Islands was removed from the OCED’s Uncooperative Tax Havens list, agreeing to comply with standards in the exchange of tax information.

Earlier this year, an agreement between Australia and Marshall Islands for the exchange of information relating to tax matters was signed.

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