Two GCC countries - Bahrain and the UAE - figure on a blacklist of tax havens issues by the UAE, according to a Reuters report.
On Tuesday, EU finance ministers adopted a blacklist of tax havens which includes 17 extra-EU jurisdictions seen as not cooperative on tax matters, French Finance Minister Bruno Le Maire said. The other countries are countries American Samoa, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago and Tunisia.
The Minister said 47 other jurisdictions are on a "grey" list of countries that are currently not compliant with EU standards but have committed to change their tax rules.
Following numerous disclosures of offshore tax avoidance schemes by companies and wealthy individuals, EU states launched a process in February to list tax havens. This is meant to discourage setting up shell structures abroad which are themselves in many cases legal but could hide illegal financial activities.
Possible penalties include blacklisted countries losing access to EU funds. Other measures would be decided in the coming weeks, Le Maire said.
What are your thoughts on these latest developments? Drop us a line in the comments below and don't forget to share this article!
There are multiple advertising possibilities with the ILQ network, drop us an e-mail at email@example.com for inquiries!
If you have anything you want to share with us, send us an e-mail at firstname.lastname@example.org!
Want to send a tip? Drop us an e-mail at email@example.com, anonymity is guaranteed!
You have successfully registered your account!Please confirm your e-mail address by clicking on the URL sent to you.The e-mail usually arrives in 5-10 minutes.
Salam! Welcome to our brand new site! Looking good huh?
We’ve got loads of cool new features and to help make sure your account is secure, you’ll need to reset your password the first time you log in.
New to ILQ? What are you waiting for? Sign up!
How ajeeb was that!? Thanks for contributing to our community! Your post will appear after we take a quick look!