Tax havens are blacklisted by EU

Image via Shutterstock
Image via Shutterstock
Author

08 December, 2017

The EU has struggled for over a year to finalise the blacklist, with smaller, low-tax EU nations such as Ireland, Malta and Luxembourg anxious about scaring off multinationals.

They are: American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, St. Lucia, Samoa, Trinidad & Tobago, Tunisia and United Arab Emirates.

These 47 countries committed to making changes to their tax policy in 2018, 2019 for developing countries, in an attempt to comply with European Union regulations. Finally, the cases of 8 countries affected by hurricanes will be assessed next February.

The two lists "will help to increase the transparency of the global tax environment", Estonian finance minister Toomas Toniste, who chaired the meeting, told journalists.

The list of non-EU states was unveiled on Tuesday, a year after the leak of the Panama Papers - a massive amount of data from a prominent Panamanian law firm showing how the world's wealthy stash their assets.

"We've done in two months what would have been done in eight-nine months otherwise", an diplomat noted ahead of the meeting.

"The placement in the list must not be seen as the end game: on the contrary, the exercise is ongoing and remains a matter of cooperation between partners", he said.

The bloc has finally agreed on a tax haven blacklist of 17 third countries in December's Economic and Financial Affairs Council (ECOFIN) on Tuesday. "It would have made clear that they can get a red light or a green light according to what they do next".

"We were aware of the monitoring done, but right now we only saw the list online and are awaiting communications from the European Union as to what are the reasons or the reason for us be placed on the list", he said, reports Now Grenada.

No fear of England for Tunisia, Panama
He added: "People are excited by some of the younger players and the approach we have taken and we have got to build on that". Wahbi Khazri is perhaps their best-known player following two years at Sunderland, but it is a squad without star quality.


Matic limps off for Manchester United against Watford
Young was once touted to leave Old Trafford but publicly stated his desire to stay and fight for his place. Soon afterwards, Richarlison's header rattled the crossbar.


Jeremy Piven's 'Wisdom of the Crowd' to end after 13 episodes
Piven stars in the series as a tech guru who creates a crowd-sourcing app to help solve crimes , including his daughter's killing. The Wisdom decision comes as Piven faces multiple allegations of sexual misconduct , with the most recent coming last week .


The new list was drafted by the European Council's Code of Conduct (COC), a group comprised of finance ministers from EU member states, including the UK.

"If someone wants additional sanctions, they can talk about it".

"To be on a blacklist is in itself bad enough and of course there will be consequences for these countries", Luxembourg Finance Minister Pierre Gramegna said.

WIC News understands that the list will be updated regularly.

"It seems the EU's pressure has obliged some of the most notorious tax havens like Switzerland and Bermuda to commit to reforms", said Aurore Chardonnet, from the Oxfam NGO.

"Given the unfortunate incorporation of the country in this discriminatory list, the Republic of Panama has made a decision to call its Ambassador to the European Union, Dario Chiru, to assess the steps to be followed moving forward", the government said in a statement.

"There is no tax haven in the EU", Moscovici assured, insisting that EU member states "respect worldwide standards".

European Union member states weren't considered for the list.


More news


  • Bungie Releases Details on the Upcoming Updates for Destiny 2

    Bungie Releases Details on the Upcoming Updates for Destiny 2

    The studio has not yet released full patch notes for update 1.1.0; we'll amend this article with details once they're available. At long last, Destiny 2 joins the growing list of games that are Xbox One X enhanced as of today .
    CBOE to launch bitcoin futures trading Sunday

    CBOE to launch bitcoin futures trading Sunday

    Official trading and full day trading of the futures will begin on December 11, and trading will be free through December. The cryptocurrency is now trading at roughly $11,400, as per CoinDesk's Bitcoin Price Index (BPI ).
    Russian MPs vow to make State Duma off-limits for all USA  media

    Russian MPs vow to make State Duma off-limits for all USA media

    FARA is aimed at promoting transparency, but does not restrict the television network's operation in the United States, U.S. T&R Productions LLC relented and filed as a foreign agent with the Department of Justice on November 10.
  • John Oliver, Dustin Hoffman get into heated spat over sex harassment allegations

    John Oliver, Dustin Hoffman get into heated spat over sex harassment allegations

    The fallout has been massive and immediate as some of the most powerful men in Hollywood have lost jobs and credibility. In 1985, actress Anna Graham Hunter was an intern on Death of a Salesman and alleges Hoffman groped her.
    Microsoft Office apps now available for all Chromebooks

    Microsoft Office apps now available for all Chromebooks

    All devices can now download the Microsoft Office applications from the Google Play Store, no matter who manufactured the device. For Microsoft Office , this means Chromebook users get the Android tablet version of Word , Excel , Outlook, and Powerpoint .
    UCLA hires Chip Kelly

    UCLA hires Chip Kelly

    He was sacked in 2015 and subsequently coached one season with the San Francisco 49ers before being let go after a 2-14 record. His stint in San Francisco lasted just one season before he was sacked .
  • Key findings of the IOC Schmid report on doping in Russian Federation

    Key findings of the IOC Schmid report on doping in Russian Federation

    Russian President Vladimir Putin has previously said it would be humiliating for his country to compete without national symbols. At the coming games, Bach said Tuesday, a special medal ceremony will reassign medals to retroactive winners from Sochi.
    The Last Supermoon Of The Year Will Rise Sunday Evening

    The Last Supermoon Of The Year Will Rise Sunday Evening

    The supermoon gets its name from the fact that the lunar orbit will be very close to Earth when the full moon takes place. The precise moment of formation of the full moon/supermoon is 10:46 am Eastern Times (ET) on December 3, 2017; (9:46 a.m.
    'Red warning' to airlines over Bali volcano

    'Red warning' to airlines over Bali volcano

    Bali is a popular tourist destination for many in the region, with thousands traveling to the island for end of year celebrations. During its last eruption in 1963 it left more than 1,000 people dead and destroyed several villages.
  • Natural disaster  of magnitude 5 strikes North India, tremors felt in Delhi-NCR

    Natural disaster of magnitude 5 strikes North India, tremors felt in Delhi-NCR

    The Indian Meteorological Department (IMD) stated that the moderate intensity quake struck at 8:49 pm on Wednesday. However, initial reports suggested that the epicentre of the natural disaster was in Uttarakhand.
    Los Angeles is up in flames and ritzy homes are ablaze

    Los Angeles is up in flames and ritzy homes are ablaze

    North winds of 8 to 14 miles per hour and a relative humidity in the low 20's caused the fire to spread rapidly to the south. The fast moving brush fire , dubbed the Creek Fire , began early Tuesday in Los Angeles County.
    Bill endangers tuition policy for university employees

    Bill endangers tuition policy for university employees

    And the latter, the Virginia Tech graduate student said, is under attack by a Republican tax plan that has passed in the U.S. O'Shea wrote. "Enactment of those provisions would hurt students and their families and limit access to higher education".