The Independent has recently published an article about a blacklist of 17 ‘tax haven’ countries that were created by the European Union.
The list includes: American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and the United Arab Emirates. It is said that these countries are not doing enough to combat offshore avoidance schemes.
Interestingly, the main list excludes a number of British Overseas Territories such as the Cayman Island and Bermuda that were previously on a EU blacklist from June 2015.
This has sparked criticism from MEP’s and anti-tax avoidance campaigns to brand the list as “whitewash” and politically led.
A “grey” list was also released including 47 countries that are not compliant with EU tax standards but who have committed to change their rules.
The EU are determined to enforce consequences for countries on the blacklist that does not make changes to their rules as well as countries on the “grey” list that does not fulfill their promises to do more to combat offshore avoidance schemes.
Please read the full article on the Independent website. Click HERE