Background
It is a 34-nation international economic organisation that was founded in 1961 to promote economic development and global trade. It is a platform for democratic and market-oriented countries to share policy experiences, find solutions to common problems, identify best practices, and coordinate domestic and international policies.
Headquarter: The headquarters of the company are in Paris, France.
Functions And Responsibilities
The OECD publishes and updates a model tax convention that can be used in bilateral tax coordination and cooperation negotiations.
Since 1998, the Organization for Economic Cooperation and Development (OECD) has led a campaign against unfair tax practices, focusing primarily on the activities of tax havens.
The Organization for Economic Cooperation and Development (OECD) maintains a blacklist of countries it considers unwilling to cooperate in the fight for tax transparency and effective information exchange.
The OECD has also been asked to look into around 40 new tax havens, where undeclared income is hidden and where many unregulated hedge funds operate. Because it publishes a number of comparable statistics for countries all over the world on a variety of topics, the OECD is also known as a statistical agency.
Additionally, efforts have been made to eradicate tax evasion by profitable corporations and G-20 member countries. Additionally, it encourages G-20 members to advance tax reform.
The Organization for Economic Cooperation and Development (OECD) does not recognise India as a member (OECD).
Composition
The OECD is composed of member countries, Substantive Committees, and the OECD Secretariat.
Secretary-General: The Secretary-General is responsible for the OECD Secretariat, which assists the Standing and Substantive Committees. It is divided into Directorates.
Members: Currently, the OECD has 36 member countries, each of which is represented by an ambassador-led delegation.
Among the 38 member countries are Australia, Austria, Belgium, Canada, Chile, Colombia, Costa Rica, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, South Korea, Latvia, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, and the United States.
The European Commission, along with EU member states, contributes to the OECD's work.
Colombia has been invited to join, and the OECD is currently considering the membership applications of six additional countries (Argentina, Brazil, Bulgaria, Croatia, Peru, and Romania).