By NAN Business Editor
News Americas, NEW YORK, NY, Thurs. June 29, 2017: An oil rich Caribbean nation has been rated as “non-compliant” by the Organisation for Economic Co-operation and Development, (OECD), after it failed to make progress towards satisfactory implementation of the tax transparency standards.
The OECD said recently that Trinidad and Tobago, which previously had a rating of Non-Compliant, was unable to demonstrate progress to warrant any upgrade to its rating.
The OECD has been working to enhance global tax transparency, end banking secrecy and protect public finances by curtailing tax evasion since 2008 and has developed a series of international tax transparency standards and constantly monitors and reviews implementation and adhesion by its 142 members.
The OCED, however, said discussions are continuing with Trinidad and Tobago and progress is anticipated soon.
Three other Caribbean nations reviewed – Antigua and Barbuda, Dominica and the Dominican Republic – were found to now be compliant by the OECD.