Costa Rica, Malaysia, Philippines and Uruguay have promised tax reform, in line with the Organisation for Economic Cooperation and Development tax standard on exchanging information.

The four jurisdictions, which had been surveyed by the OECD Global Forum but hadn’t made commitments as of 2 April, have informed the OECD that they want to commit to co-operate in the fight against tax havens, a hot topic amongst finance leaders at last week’s G-20 summit.

They are now on a 'grey' list, a category of jurisdictions that are committed to the standard but are yet to implement it.

Secretary-general of the OECD Angel Gurria, said: ‘We continue to see quick progress in the adoption of the OECD standard. I very much welcome that all jurisdictions surveyed by the OECD Global Forum are now committed.’

‘We need a level playing field and are looking forward to quick implementation of the standard,’ she added.