Cyprus, Luxembourg, the British Virgin Islands (BVI) , and the Seychelles do not meet international standards on tax transparency, according to the latest list compiled by the Organisation for Economic Co-operation and Development (OECD).
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The review of 50 leading jurisdictions identified substantial shortcomings in how the member states had implemented a standard on sharing tax information drawn up by the United Nations and the OECD.
According to the report, the four either failed to share taxpayer information with other countries or to gather information on beneficial ownership of corporate entities registered on their territory, or both.
Mauritius has been found to be ‘largely compliant’, while Switzerland is yet to be rated on this scale as the country has just signed a global convention on automatic exchange of information on tax issues.
The report added that Austria and Turkey were only partially compliant with the standard.
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By GlobalDataThe Group of 20 leading economies, which has asked the OECD to lead efforts on curbing international tax evasion and avoidance, has said it wants to put pressure on to "non-cooperative jurisdictions".
Pascal Saint-Amans, director of tax policy at the OECD, said Luxembourg, Cyprus, the Seychelles and the BVI failed the test because the legislative structures they put in place did not function well enough.
