A CARIBBEAN PERSPECTIVE: Tax rules we can’t meet, unity we must not avoid


By SIR RONALD SANDERS

The financial services sector of Caribbean jurisdictions – and other parts of the developing world – have been under continuous assault by the European Union (EU) and the Organization for Economic Cooperation and Development (OECD) since the mid-1990s.

This assault will peak again in a month’s time when financial institutions are expected to comply with the Common Reporting Standard (CRS) which demand these institutions report on the assets of foreigners to the tax authorities of their country of origin.

The majority of the institutions will fail to do so for many reasons that will be explained later in this commentary. But there will be consequences as the member states of the OECD and EU use their…

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