The latest report of the OECD Forum on Harmful Tax Practices has concluded that 11 of the 12 countries on its list of low-tax jurisdictions are compliant with its standards for ‘substantial activity’ legislation. Their tax regimes are therefore not harmful.

The OECD’s substantial activities standard for no-tax, or only nominal tax, jurisdictions was published in November 2018. All the relevant jurisdictions then embarked on a rapid legislative programme to embody the standard in their national laws by the end of 2018. ...