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Tax havens may face higher barrier to 'white list' status

Bob Reynolds has reported in Accountancy Age that offshore financial centres will face renewed pressure in their bid to achieve and retain “white list” status for tax compliance, after a meeting of global heads.

Financial regulators gathered to debate the future standards for admission to the tax transparency compliance list, the scope of peer reviews for these countries, and the nature of fiscal sanctions to be applied to the non-compliant.

Owens said that the barrier would be set higher for jurisdictions but the focus would be on the quality of compliance, not on numbers.

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