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CHAPTER IV

CONCLUSION

It is worth reiterating that the reduction of preferential tax regimes as an international

fiscal policy goal is a positive step in the right direction. This thesis maintains that the

goals of the OECD specifically as they relate to harmful tax practices can be

accommodated and reconciled to the benefit of both the developed nations and the

smaller third world states that function as offshore centers. However, as the above study

has shown, the OECD in its report has overemphasized the role of bank secrecy and

exchange of information practices in offshore centers.

Further, the austere standards recommended by the body have done little to help reconcile

the differences between the two parties. Subsequent to the report, the deliberations and

other public acts by the body has shown a level of belligerence by the OECD that leaves

much to be desired from an internationalist perspective.

This thesis concludes, inter alia, that a better solution would be a negotiated amendment

to Recommendation 7 of the OECD Harmful Tax Competition Report concerning access

to banking information for tax purposes. Firstly, this recommendation of the report

should not interfere with the sovereign right of states to enact bank secrecy legislation.

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