The OECD's Forum on Harmful Tax Practices has concluded that all but one of countries on its low-tax jurisdictions list are compliant with its standards for "substantial activity legislation", and as such are considered not harmful.
The findings, published yesterday in the Paris-based international regulator's latest report, named 11 of the 12 countries on the OECD's list are now compliant with its international criteria.
The eleven jurisdictions now categorised as "wholly compliant" are Anguilla, the Bahamas, Bahrain, Barbados, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Isle of Man, Jersey and the Turks and Caicos Islands.
The remaining jurisdiction, the UAE, has a single"technical point" which is in the process of being resolved, the OECD confirmed.
The OECD released its substantial activities standard for no- or nominal tax jurisdictions in November 2018, prompting rapid reform on the part of named juristications in an effort to comply by the end of the year.