EU set to add Bahamas, US Virgin Islands to tax haven blacklist

Business


As a result of both moves, the blacklist would maintain nine jurisdictions deemed to facilitate tax avoidance. The other six are American Samoa, Guam, Namibia, Palau, Samoa and Trinidad and Tobago.

The document, prepared by EU officials and dated March 8, also adds Anguilla, The British Virgin Islands, Dominica and Antigua and Barbuda to a so-called grey list of jurisdictions which do not respect EU anti-tax avoidance standards but have committed to change their practices.

The grey list includes dozens of jurisdictions from all over the world. Blacklisted jurisdictions could face reputational damage and stricter controls on their financial transactions with the EU, although no sanctions have been agreed by EU states yet.

Those who are in the grey list could be moved to the blacklist if they do not honour their commitments. Caribbean islands hit by hurricanes last year were given more time to comply
with EU tax transparency standards when the bloc’s blacklist was established in December.

Earlier this month, EU experts decided to propose the delisting of Bahrain, the Marshall Islands and Saint Lucia, a document dated March 2 showed.



Source link

Products You May Like

Articles You May Like

This investment-fee tax break is gone. What that means for your IRA.
In past Trump trade conflicts, it has paid to buy the market dip
The Fed said it’s hiking rates four times in 2018, market not convinced
The US should break German lock on the European economy
Intel stock falls after small firm downgrades chipmaker’s shares

Leave a Reply

Your email address will not be published. Required fields are marked *