St. Kitts – Nevis Currently On The OECD “Gray List”
St. Kitts-Nevis Has Executed Zero Tax Information Exchange Agreements
Basseterre, St.Kitts – Nevis
August 27, 2009
People’s Action Movement
At the Prime Minister’s monthly press conference,Dr. Denzil Douglas spoke to the tax haven list published by the Organization for Economic Cooperation and Development. Douglas claimed that the Government is actively working to implement tax information exchange agreements (TIEAs) with several countries so that the Federation can be placed on the OECD white list and not considered a tax haven.
Upon examining the list, St. Kitts & Nevis agreed to the international tax standard in 2002, and, yet, the Federation has concluded zero TIEAs. In comparison, other regional jurisdictions including Barbados , Bermuda, British Virgin Islands, Cayman Islands and US Virgin Islands have concluded enough TIEAs to be placed on the OECD white list.
“Denzil Douglas and Labour have been asleep at the wheel,” said Shadow Finance Minister Shawn Richards. “Labour agreed to the OECD tax standards in 2002. It’s 2009 and they’ve yet to conclude a single TIEA! This is the kind of incompetence that is causing the international community to view St. Kitts & Nevis as a tax haven. That designation hurts the Federation.”
Richards continued, “The next PAM Government will move aggressively to negotiate and conclude TIEAs to get St. Kitts & Nevis off the gray list. Our goal will be to get the Federation off of the grey list and onto the white list so as to encourage investment in our economy. Where Labour failed, we will succeed.”