Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Netanyahu deletes tweet featuring photo of James Foley

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014

Read more

FRANCE IN FOCUS

FRANCE IN FOCUS

Read more

FOCUS

Lifting the veil over China's air pollution

Read more

ENCORE!

Tango Takeover in Paris

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

  • Europe launches navigation satellites to rival GPS

    Read more

  • Besieged by problems, Hollande faces unhappy return from summer holidays

    Read more

  • Iraqi Sunnis quit govt talks after mosque massacre

    Read more

  • US demands Russia withdraw aid convoy from Ukraine

    Read more

  • PSG fall flat once more against Evian

    Read more

  • Fed Chair says US job market still hampered by Great Recession

    Read more

  • August 22, 1914: The bloodiest day in French military history

    Read more

  • Central African Republic announces coalition cabinet

    Read more

  • Hamas publicly executes "informers"

    Read more

  • French firebrand leftist to quit party presidency, but not politics

    Read more

  • Fear of Ebola sky-high among Air France workers

    Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Malaysia mourns as remains of MH17 victims arrive home

    Read more

  • Turkish Foreign Minister Davutoglu set to be Erdogan's new PM

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

Americas

Uruguay taken off tax haven blacklist

Video by Olivia SALAZAR-WINSPEAR

Latest update : 2009-09-24

Uruguay has been taken off the OECD blacklist of tax havens that had not agreed to respect international standards, following it's formal endorsement of the organisation's tax information exchange regulations.

AFP - Uruguay has been taken off the OECD blacklist of tax havens that had not agreed to respect international standards, after assurances from the country's finance minister, the organisation said Friday.
   
"The OECD welcomed today the formal endorsement by Uruguay of its tax information exchange standards," said the Paris-based organisation in a statement published on its website.
   
Uruguayan Finance Minister Alvaro Garcia had written to Organisation for Economic Co-operation and Development secretary general, Angel Gurria, formally endorsing the organisation's standards in this area, it added.
   
The letter accepted the "standards on transparency and exchange of information, as set out in the 2005 version of Article 26 of the OECD Model Tax Convention," said the statement.
   
"I am pleased that Uruguay joins a growing number of nations willing to co-operate in fighting tax evasion and other tax abuses," Gurria said in the statement.
   
On Thursday, just hours after the G20 summit agreed to crack down on tax havens, the OECD released a "league table" of countries listed according to their degree of compliance with international standards in this area.
   
Uruguay was classed in the lowest category, along with -- Costa Rica, Malaysia and the Philippines -- designating countries that had "not committed to the internationally agreed tax standard."
   
Uruguay was quick to deny the accusation.
   
"In Uruguay, we are not a tax haven. Uruguay may not be a monastery, but it is not a casino," Uruguay's President Tabare Vazquez said Friday, during a visit to Chile for the summit of center-left world leaders.
   
Central Bank chief Mario Bergara also told reporters that the country's financial system was "sound" and "serious."
   
The nation's banking was constrained by strict regulation, especially the approval of Tax Reform legislation in 2007, he added.

Date created : 2009-04-04

COMMENT(S)