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European Union reveals first tax haven blacklist

European Union reveals first tax haven blacklist

According to the Independent UK, Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs on Tuesday said the adoption of the first-ever European Union blacklist of tax havens marks a key a key victory for transparency and fairness, but noted that the process does not stop here.

The EU published its first "blacklist" of 17 tax havens on Tuesday, alongside a "greylist" of 47 jurisdictions.

"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.

South Korea, Barbados, Saint Lucia, Bahrain, Panama and the United Arab Emirates are among the countries named Tuesday as "non-cooperative jurisdictions for tax purposes".

The EU said that the listed countries and regions could potentially face sanctions for failing to bring their standards in line with the bloc, at a time when the bloc is seeking to step up its fight against opaque practices that facilitate tax avoidance by multinationals and individuals.

Andorra, Armenia, Aruba, Belize, Botswana, Cape Verde, Cook Islands, Curaçao, Fiji, Hong Kong SAR, Jordan, Labuan Island, Liechtenstein, Malaysia, Maldives, Mauritius, Morocco, Niue, St Vincent & Grenadines, San Marino, Seychelles, Switzerland, Taiwan, Thailand, Turkey, Uruguay, and Vietnam.

Foreign military set to purchase Australia's F/A 18s
The final ruling in the case is expected next year, but the relationship between Boeing and Canada has nosedived since. The F/A-18 is a twin-engine, supersonic combat aircraft that can operate as a fighter or attack jet.

"We will regularly review and update the list in the years to come".

But some countries, including France, have said that listed jurisdictions should also face sanctions.

"We want this list to be complete and effective". We must intensify the pressure on listed countries to change their ways.

These include increased monitoring of certain transactions and auditing, special documentation requirements and mandatory disclosure disclosure of tax schemes with respect to cross-border arrangements. "If countries [implement] them, they won't be part of the tax list". "We must not accept unfair tax competition and opacity".

As for the Vice President Valdis Dombrovskis that also attended the meeting on behalf of the EU executive, he said that as a number of third countries have entered into commitments as regard to good tax governance and the European Commission "will be following up those commitments". These EU standards concern tax transparency and fair taxation and require implementation of the minimum standards set out in the OECD/G20 base erosion profit shifting (BEPS) plan agreements.


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