Panama, Bahrain, the Cook Islands, Nauru and Vanuatu are the countries that have refused to join the OECD agreement for automatic exchange of tax information.
Laestrella.com.pa reports that “… According to data provided by the Global Forum on Transparency, linked to the Organization for Economic Cooperation and Development (OECD), these five states are the only ones who have been unwilling to adhere to the automatic exchange. ”
‘… Formally, the Global Forum on Transparency did not provide any mechanism for sanctions against recalcitrant countries, but the director of taxation at the OECD ventured that as the number of countries committing to it gets bigger, it will be more difficult for the rest to continue to attract investment. ”
Panama will be left out of the “… Multilateral Competent Authority Agreement which fifty countries signed today (October 29) in Berlin, which is a further step in the implementation of the Convention on the automatic exchange of tax information. “
Source: ACAN-EFE
It is good to see that there are still some countries that value and honor their sovereignty and have the guts to tell the bullies of the world to go to hell.
To Be or Not to Be “Gray”
One country you forgot in your list:
THE UNITED STATES OF AMERICA !
They will not comply. The USA only is running FATCA and will not participate. The European countries are very angry about that.
And the position of Panama is:
“We are doing everything the USA are doing”.
Those are the facts. The automatic exchange of tax information is dead.
Best regards,
Ralph Girgla, Coronado
Congratulations to Panama for being strong and standing up to the failed countries that run the OECD.
Those failed OECD countries (Spain, Italy, Greece, France, etc.) spent all of their own money on left-wing schemes that failed over and over. Now they are trying to grab other people’s money so they can re-start their left-wing schemes which will fail again.
Good not to follow the other sheeps!