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.