Caricom countries reject “tax haven” label

The Council for Trade and Economic Development said the “tax haven” label by French President Nicholas Sarkozy has brought the good reputation of member states into question.

BASSETERRE, St Kitts, Friday December 9, 2011 – Caricom countries have raised strong objection to French President Nicolas Sarkozy’s labelling of some member states as “tax havens”.

A statement issued by the Council for Trade and Economic Development (COTED) said the “indiscriminate characterization” has brought the good reputation of these states into question.

The French president recently suggested that 11 countries, including Antigua and Barbuda, Barbados and Trinidad and Tobago, which were identified by the Global Forum on Transparency and Exchange of Information for Tax Purposes are regarded as tax havens.

But, according to COTED, “the Global Forum has not, in fact, published a list of eleven “Tax Havens”, and it has certainly not identified any of these jurisdictions as a “Tax Haven.”

It said Sarkozy’s remarks fail to recognize the efforts being made by the Caricom states to bring their legal and regulatory framework into compliance with the global standard.

“Given our member states’ ongoing collaboration and cooperation with the Global Forum in order to ensure that their legal and regulatory framework meets the global standard, such characterization of Caricom states is subjective and completely without basis.” the COTED stated.

Caricom states will continue to support the Global Forum process, the statement added. Click here to receive free news bulletins via email from Caribbean360. (View sample)