- "White list" - Jurisdictions that have substantially implemented the internationally agreed tax standard
- "Grey list" - Jurisdictions that have committed to the internationally agreed tax standard, but have not yet substantially implemented
- "Black list" - Jurisdictions that have not committed to the internationally agreed tax standard
The Jurisdiction inside "Black list" then were Costa Rica, Malaysia (Labuan), Phillipines, Uruguay.
Read from the PDF file: Wow, there are so many Tax Havens (in "Grey list").
Tax haven criteria are divided into 4 factors:
1. Jurisdiction imposes no or only nominal taxes
2. Whether there is a lack of transparency
3. Whether there are laws or administrative practices that prevent the effective exchange of information for tax purposes with other governments on taxpayers benefiting from the no or nominal taxation.
4. Whether there is an absence of a requirement that the activity be substantial
On 7 Apr 09, it was announced that Costa Rica, Malaysia, Philippines and Uruguay (countries in the "black list") have committed to the tax standard on exchange of information and are moved to "Grey list" (meaning: no more in "Black list") !
How big are the effects of regulation on tax havens ? How big will be the outflows, if any ?