Topic: Organisation for Economic Cooperation and Development

Better measurement of the economy and of people’s well-being could have led governments to respond more strongly to mitigate the damage caused by the 2008 financial crisis and reduce people’s continuing loss of trust in public institutions, according to a new report released by the Organisation for Economic Cooperation and Development.

Personal income taxes are playing an increasingly significant role in the tax mix as revenues from social security contributions and consumption taxes fall, and corporate tax collections remain low.

Cayman could find itself on a new EU list of “non-cooperative jurisdictions” in tax matters after the European Council of finance ministers published the criteria for including third countries in the blacklist last week. In September, the EU Commission named Cayman in a list of countries that should be examined more closely.

Leaders of the world’s 20 largest economies have warned that global growth needs to be shared more equally to stop mounting concerns over globalization and free trade.

European Union member states have struck a deal on new rules designed to eliminate the most common corporate tax avoidance practices.