2 March 2001

Statement by Rt Hon. Owen Arthur, Prime Minister of Barbados, on the creation of an International Tax and Investment Organisation

The non-OECD countries convened in Paris on the occasion of the second Meeting of the Joint Working Group on Cross-Border Tax Matters have decided to constitute a technical group in the form of an International Tax and Investment Organisation (ITIO).

The ITIO will have as its main objective the development of a balanced approach to international tax and investment issues, taking into consideration differences in size and level of development of countries.

The immediate remit of the ITIO will be to establish a working group to coordinate a response of the non-OECD jurisdictions to the OECD initiatives on tax and investment matters.

The remit will also include:

1. Articulation, co-ordination and implementation of a strategy to carry out research and other technical analysis to support the development of an implementation plan, further to the objective of achieving international tax co-operation;

2.Analysis and advice to support the participation of the non-OECD countries in a forum for international co-operation on tax matters; and

3.Provision of assistance (including assistance with policy, legal and economic matters) required by non-OECD jurisdictions.

The first meeting of the ITIO will be held in London in mid-March to develop a work programme.
It will be hosted by the Commonwealth Secretariat.

For further information, please contact Ben Coleman
(Tel. +44 20 7526 3603, + 44 7958 616 444)

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