Tuesday, the Organisation for Economic Co-operation and Development said Costa Rica, Malaysia, the Philippines and Uruguay are agreed to follow international tax standard.
According to an OECD list, these four countries were listed to have uncooperative tax havens. They have now officially informed the OECD that they commit to co-operate in the fight against tax abuse.
A statement from the OECD showed that this year the four countries will propose legislation to remove the impediments to the implementation of the standard and will incorporate the standard in their existing laws and treaties.
As a result, they have been moved to the category of jurisdictions that have committed to the internationally agreed tax standard, but have not yet substantially implemented in the OECD progress report first issued on April 2.
In welcoming this development, Dato' Azizan Abdul Rahman, the Director-General of Labun Offshore Financial Services Authority said it is good that Malaysia's Labuan International Business and Financial Centre has been accorded such listing as we have been committed to the standard in practice.
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