08
Jan

The list of tax havens can be reduced by eight countries – this is what EU experts want.

A group of EU tax experts wants to remove a few countries from the black list of tax havens, they are talking about Panama, South Korea, Tunisia, Mongolia, Macau, Grenada, Barbados and United Arab Emirates.

At the beginning of December for the first time EU finance ministers adopted a black list of tax havens, covering 17 countries. These are: South Korea, American Samoa, Bahrain, Barbados, Grenada, Guam, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, as well as Tunisia and the United Arab Emirates.

This list was created to discourage tax havens to accept and cover extremely “aggressive tax practices”. A group of tax experts from 28 EU countries has proposed removal from the list, whose task is to monitor how individual countries adhere to EU tax standards.

These recommendations must still be approved by the Union’s finance ministers. If this happens, countries removed from the blacklist will go to the so-called gray list.

In October 2016, the EU Council adopted criteria by which countries from outside the Union were checked for the rights regulating the tax sphere; it was a reaction to the scandals, which revealed the scale of tax evasion of both individuals and companies.

In all jurisdictions that have passed the EU rating negatively, they have sent letters asking for commitments. Those that adopted them went to the so-called a gray list, and those that rejected it – black.

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