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...investigation that has ruffled the Isle of Man the most just recently is the OECD's "harmful tax competition" review, which demands more transparency, greater exchange of tax information and an end to ring-fencing, under which nonresidents enjoy preferential tax treatment. In June it produced a provisional black list of 35 jurisdictions that included Nauru, Barbados and Liberia - and the Isle of Man. This triggered much indignant huffing and puffing from the island, which maintained it had no reason to be on the list and that other inquiries had put it in the top division for good practices. Says...
...Concerned about possible OECD sanctions and mindful of how being on the list could hurt business, the Manx government offered some concessions on issues like transparency. To general relief, the island has just heard it will not appear on a new blacklist due in July. Just the same, says Cashen smoothly, "Our commitment is qualified. We are prepared to change certain of our regimes provided there is an international level playing field, but we're not going to proceed unless others do." Those others, he says, must include OECD members, particularly Switzerland and Luxembourg...
...need for new vehicles for growth is great, according to Kenneth Courtis, the Canadian-born vice-chairman for Asia of the Goldman Sachs International investment firm. "We are not in a U.S. slowdown. We're in an OECD slowdown," he said, referring to the 30-member association of advanced industrial nations. Europe, the U.S. and Japan are all losing momentum; that could put at risk economic and political stability in parts of the Americas and set back the entire process of globalization, which Courtis credited with providing much of the economic progress of the 1990s. "There's little sign...
...dramatic reforms have helped spark recovery sooner than most experts expected. The government predicts that growth in South Korea will bounce back to an annual rate of 2% by the second half of this year; by contrast, the economy shrank 5.9% in 1998. "There is no country in the OECD that has made such rapid changes," says Donald Johnston, secretary-general of the Organization for Economic Cooperation and Development. "Historians may look back and say this crisis has left a healthy legacy...
...nations agreed to outlaw the bribery of foreign officials. This is the most important anti-corruption initiative yet that is directed at the supply side of corruption, said Fritz Heiman, counselor to the General Electric Company. These nations, all part of the Organization for Economic Cooperation and Development (OECD), agreed to set guidelines for what is acceptable and not acceptable in bribing foreign officials to receive government contracts...