Samoa targeted as a tax haven

Written by Cherelle Jackson
Monday, 17 March 2008
Samoas status as a tax haven has once again come up amid investigations into the secrecy of Liechtenstein secretive bank accounts. Last week Reuters reported that Spain, Australia and Greece joined an international hunt for tax evaders in Liechtenstein. The hunt was instigated by Germany who bought details of secret accounts held in the Liechtenstein banks. The crackdown brought the limelight back to the Pacific, where some of the best tax havens are located according to international tax researchers. Around 40 countries including Samoa are still widely considered as tax havens according to Organisation for Economic Cooperation and Development (OECD) and the International Monetary Fund (IMF.) Samoa was among 35 jurisdictions identified by the OECD in June 2000 as meeting the technical criteria for being a tax haven. However Samoa was included in the OECD list of cooperative tax havens in 2002 when they stated: “The OECD is pleased to announce that Samoa has made a commitment to improve the transparency of its tax and regulatory systems and establish effective exchange of information for tax matters with OECD countries by 31 December 2005.” Tax Haven status In a letter signed by the Prime Minister of Samoa in 2002, he requested that Samoa be excluded on the OECD list of Uncooperative Tax Havens. The OECD responded by issuing a statement that Samoa was no longer part of the black list. Tuilaepa further wrote at the time: “The Samoan Government attaches fundamental importance to the view expressed by the OECD itself that fair tax competition is not to be discouraged.” But along with the commitment to comply, Tuilaepa also outlined conditions to OECD: “Samoa will not be subject to any framework of coordinated defensive measures by OECD member states,” he said. Tuilapea also outlined that Samoa will protect its sovereignty, economic interests and fiscal autonomy in all negotiations with the OECD. “Samoa considers the establishment of a level playing field among all OECD member countries and also those non member jurisdictions with which it is materially in competition in the provision of cross border financial services to be critical to its economic interests,” he wrote. Currently an estimated $250 billion worth of tax is evaded internationally each year because people hold money off shore. Tax watchdogs Australian Prime Minister Kevin Rudd has been on record saying that investigations were still under way, but a crackdown on the use of secretive tax havens would be "bottom-line" business for his centre-left government. "The tax laws of the country are there to be adhered to," Rudd told journalists after meeting his New Zealand counterpart Helen Clark in Canberra. It is reported that authorities in both countries are monitoring activities in Pacific nations, including Samoa to ensure the compliance to OECD terms…..NBR To subscribe to NBR, email This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or text your email address to 75iNEWS. Comments (2) Subscribe to this comment's feed ...* written by The Samoa Fella, March 17, 2008 The OECD brings together the governments of countries committed to 'democracy' and the market economy from around the world to: • Support sustainable economic growth • Boost employment • Raise living standards • Maintain financial stability • Assist other countries' economic development • Contribute to growth in world trade The OECD also shares expertise and exchanges views with more than 100 other countries and economies, from Brazil, China, and Russia to the least developed countries in Africa. http://www.oecd.org/pages/0,3417,en_36734052_36734103_1_1_1_1_1,00.html Again and again it will come up.....If it seems like Samoa is going against the "ONE WORLD" flow but I say stuff them. If it meanns people investing, banking and placing their money in Samoan banks because we are able to offer a .........."tax Haven" then we should cotinute to do it! At the end of the day Samoa will benefit believe it or not!! What the heck and why the heck is New Zealand and Australia playing watchdog over the pacific........... The time is nearing when Samoa and other Pacific nations including the ethinc people of Australia and NEw Zealand have to make a stand!! It's our flippin country!!! Post Colonialism!!! Thats whats happening!! There's that dirty word again "DEMOCRACY" Samoa's or the One World interpretation?..........We need new leaders!! hmmm sao lelei!!! written by emo, March 19, 2008 I think that is exactly what we need in Samoa,,new leaders who can see what the present ones can't see. I think the time of Tuilaepa and the HRPP is over....(hmm sole, i posted a long writeup on that "do we need more women matais" topic last night, i just don't know where it ended up at)..manuia le aso maliu,,have a good few days holiday,,,emo Write comment Name Email Title Comment

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