Tax Havens Disappearing

The number of tax havens in the world is diminishing under mounting international pressure.Longtime havens in Switzerland and Liechtenstein have been joined by four more nations recently in a pledge to adhere to more open banking practices.Malaysia,Costa Rica,Uruguay and the Philippines have accepted information exchange standards,according to the Organization for Economic Cooperation and Development.Angel Gurria,Secretary General of the OECD,announced that the new countries intend to offer authorizing legislation for the standards sometime this year.The old tax haven concept is seen as hindering the ability of nations to deal with crises by depriving them of revenue that is justly theirs.It may also be cloaking activities that contributed to the financial crisis.The OECD is based in Paris.Founded in 1960,it seeks the welfare of its 29 developed member states,and fosters aid to emerging markets.It is also a major source of economic and environmental data.