02
Apr

The EU has extended the black list of tax havens.

The European Union has expanded the black list of tax havens that it created at the end of 2017. It has added 10 jurisdictions, including the United Arab Emirates, Oman as well as the British and Dutch overseas territories. Blacklisted countries may be covered by stricter controls of transactions with the EU.

On Tuesday, March 12, EU finance ministers added 10 jurisdictions to this list.

These are:

  • the Dutch Caribbean island of Aruba,
  • Barbados, Belize,
  • British overseas territory Bermuda,
  • Fiji,
  • Marshall Islands,
  • Oman,
  • United Arab Emirates,
  • Vanuatu,
  • Dominica.
    They join Samoa, Trinidad and Tobago and three American territories – American Samoa, Guam and the US Virgin Islands.

The EU countries have not yet agreed on any sanctions against countries on the black list. Those who undertake to change tax rules are removed from the list.

Over the past year, the European Commission has assessed 92 countries on the basis of three criteria: tax transparency, good governance and real economic activity, as well as one indicator – the existence of a zero corporate tax rate.

Sixty countries have acted on the concerns raised by the Commission and eliminated over 100 harmful tax systems.

Thanks to the listing procedure mentioned above, dozens of countries have abolished harmful tax systems and are currently complying with international standards on transparency and fair taxation. Countries that have not met the requirements have been blacklisted and will have to face the consequences of this.

Although Poland is definitely not a tax haven but a dynamically developing member of the European Union, the reduction of the corporate income tax amount to 9% strongly increased the attractiveness of Poland for foreign investors. Enticed by a lower tax rate and a stable political and economical situation, investors are more and more willing to establish new companies or open branches of their limited liability companies in Poland. What is more they really appreciate the ability of having a Polish company bank account where they will be able to store corporate funds with a full internet access and a debit card.

If you would be interested in starting business in Poland, by, for example, buying a shelf, ready made limited liability Polish company and opening a Polish bank account it is truly recommended to ask for a professional help one of the Polish business consulting companies with adequate knowledge and experience, for example, PolishShelfCompanyMarket or LexPoland Business Consulting. Such companies will do their best to support the foreign entrepreneur at every stage of the business carreer in Poland.

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