The latest statement from the OECD regarding its ongoing global tax collection quest establishes a new gold standard in irony.
In a Reuters online article by Tamara Vidaillet, which can be viewed here, Geoffrey Owens , head of the OECD tax division (is there another division?), says that he fully supports the use of illegally obtained, or stolen, client information from financial firms in order to track down tax cheats.
“What we don’t condone is taxpayers who do not comply with their obligations,” said Owens, seemingly oblivious to the well established principle of international law that renders a tax liability in one jurisdiction unenforceable in another, and the illegality involved in violation of an individuals’ right to privacy.
So we have established the new world order, which appears to state that the promotion of and the outright violation of criminal law in countries where private data is protected is appropriate if it meets with the objectives of an international body. This would be worthy of greater study if it were the case that this new principle conforms with the objectives of the OECD as set out in its constitution. But it does not; the objectives of the OECD, publicly promoting the economic well being of member and non member organizations, are strangely silent on the subject of renegade lawlessness.
So, as we understand it, the OECD message is now that it is acceptable for their members to violate local and international law if it benefits them fiscally? That is at least showing the OECD to apply the same moral and legal standard as the shadowy ‘tax evaders’ are accused of.
What this latest statement reveals, with absolute clarity, is that OECD and its executive has abandoned any pretence of inhabiting the moral high ground and is now acting out of greed, desperation, and institutional arrogance. The OECD now feels able to flaunt its disregard of the rule of law and the rights of sovereign nations in a self-described pursuit of international tax ‘justice’.
Whilst none of this is of direct relevance to the Cayman Islands, which has an extensive network of proactive and reactive tax reporting treaties with the US and the EU jurisdictions, as we have discussed in previous blogs, there is a greater concern here. The recently expressed objectives of the OECD do not extend simply to tax evasion. The OECD believes that any form of tax competition is harmful and, we conclude, feels now that its disregard for law and principle may extend to the pursuit of any of its objectives.
Theft of your private data is being justified today. Will theft of your family’s savings be next? That sort of conspiracy theory should remain the stuff of Hollywood films, but sadly the OECD’s statements are suggesting we are already on that path.
Now more than ever proactive businesses and individuals need to consider whether a move to a fairer, more progressive jurisdiction might be the best way for them to create or protect their wealth.
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