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El doble estándar de la OCDE en el foro global de transparencia e Intercambio de información. La calificación de Estados Unidos

by Eduardo Morgan Jr.

*This article was published by Global Financial Integrity, STEP and EPrivateClient.  Tax Notes International will publish it soon.

Dr. Eduardo Morgan, Jr., LL.M. Yale University, Law School, Senior Partner, Morgan & Morgan, and former ambassador of the Republic of Panama in Washington, D.C., provides an exclusive and in-depth analysis of the Global Forum´s Peer Review Report (GF PRR) 2011 rating for the U.S.   He exposes the unacceptable double standard of the OECD towards the U.S., its principal member, and documents how the U.S. preaches “transparency and exchange of Information for tax purposes”, while offering foreigners and financial intermediaries a complete shield of information from their countries of origin (with the exception of Canada), thus attracting more than 10 trillion dollars in tax free foreign investments and bank deposits.  Consequently, he corroborates what several scholars and studies have revealed that the U.S. is the greatest tax haven in the world.

Although on April 17, 2012, the IRS finally issued rules under Sec 6049 requiring U.S. financial institutions to report interest payments to certain nonresident alien individuals, Dr. Morgan notes that these rules, published on April 19 in the Federal Register, apply only to bank deposits in certain savings institutions and insurance companies with agreements to pay interests to natural persons.     Furthermore, the IRS purposely excludes reporting requirements for foreign bank accounts of legal entities, clients shielded under the QI Agreement, and other exempt income such as interests on bonds or capital gains.  Therefore, for the purpose of transparency and exchange of information these rules are seriously flawed.

The study is highly relevant In light of recent events and current global discussions on the issue of “Transparency and Exchange of Tax Information”.  Dr. Morgan quotes numerous studies, OECD documents and U.S. Government reports, clearly revealing facts that seriously undermine the credibility of the GF.    He discloses the OECD scheme “to prevent non-traditional financial centers from competing with their partners in financial business activities” and concludes his analysis by acknowledging the leadership of the U.S. in global affairs. insisting on its ethical obligation for consistency both in practice and in policy.


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