Antigua and Barbuda PM Browne said today the Government will amend tax laws to prevent evasion and share bank details of dual nationals to respective countries.
Prime Minister Gaston Browne made this disclosure following the recent listing by the OECD of Antigua and Barbuda among 21 countries whose Citizenship by Investment Programmes (CIP) are identified as ways in which many are evading their tax obligations.
In responding to the report posted on the OECD’s website, Prime Minister Browne stated that the concerns are legitimate and the government is committed to ensuring that the country is in compliance.
“Even without any formal request from the OECD to make the amendment, we will on our own volition, at the next sitting of Parliament, amend the relevant laws that will force these individuals to report all their banking dealings under the current reporting standards,” Browne said.
He added, “Several months ago, we passed the Beneficial Ownership Law in which the beneficial owners of all companies must be disclosed, because one of the things these individuals did in the past, they were able to use directors and shareholders to literally hide the assets here and in other jurisdictions.”
According to him, at this point, it is the country’s best interest to cooperate as far as possible and make the amends to “keep out of the crosshairs of the OECD, European Union and others”.
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