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Tax Haven Co-Operation Welcomed

19 April 2002

Revenue Minister Michael Cullen today welcomed news that 31 of the 38 jurisdictions identified as tax havens have agreed to introduce transparent tax systems and exchange tax information within the OECD by 2005.

“Included among the 31 are three Pacific Island countries – the Cook Islands, Niue and Samoa. It is a big step given their limited resources and the government congratulates them on it,” Dr Cullen said.

He said access to the data would make it harder for New Zealanders to use bank rules and secrecy rules to hide their tax affairs from Inland Revenue.

Ends

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