The USA does not want to partake in mutual administrative assistance on tax matters.

Posted on

The Organisation for Economic Cooperation and Development issued a press release in Paris this afternoon saying:

25/08/2016 β€” In a ceremony at OECD Headquarters in Paris today, Burkina Faso, Malaysia, Saint Kitts and Nevis, Saint Vincent and the Grenadines, and Samoa signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, bringing the number of participating jurisdictions to 103.

That's the good news.

Now let's have the bad news. It relates to the 103rd supposed signatory:

Screen Shot 2016-08-25 at 16.31.52

The US initialed this protocol six years ago, on the same day that the UK did. But it's never progressed its involvement and as such is not a real party to the process. Its presence on this list is a mere token as a result. After six years of waiting its very clear that the USA does not want to partake in mutual administrative assistance on tax matters.

And that's why it is now the most problematic tax haven in the world.