Tax haven blacklist trashed by Members of EU Parliament
The heavily criticised EU tax haven blacklist faced further scorn on Thursday, after Members of the European Parliament (MEPs) said it lacks both transparency and credibility.
The heavily criticised EU tax haven blacklist faced further scorn on Thursday, after Members of the European Parliament (MEPs) said it lacks both transparency and credibility.
The European Union is prepared to blacklist the UK if it uses tax competitiveness as leverage after Brexit, according to media reports.
The European Union’s embattled list of non-cooperative jurisdictions for tax purposes has nearly halved after commitments were made at a “high political level” in eight jurisdictions to address EU concerns.
Ireland, along with several other EU countries, have been called tax policy ‘black holes’ by the EU commissioner, but he dismissed claims for their inclusion on the EU tax haven blacklist.
The European Union’s finance minister is expected to remove almost half of the jurisdictions, including Panama and the UAE, from the tax haven blacklist next week, in a move that critics may see as a watering down of its tax avoidance campaign.
The European Union will “go after” the UK crown dependencies and overseas territories which were left off its recent tax haven blacklist, according to a UK newspaper.
The US Treasury Department “disagrees” with the recently released EU tax haven blacklist, arguing that it “undermines” international standards put in place to identify non-cooperative tax jurisdictions, according to a letter sent to the EU security general.
Tunisia is still furious about its inclusion on the EU blacklist.
Guernsey’s lack of inclusion on the EU’s tax haven blacklist has prompted the island to call for Portugal and Lithuania to follow suit and remove it from their respective lists.
Liechtenstein officials have denied any involvement after Swiss authorities demanded an explanation following reports that the tiny principality had pressed for Switzerland’s inclusion on the EU’s tax haven watchlist.
UAE officials should not be overly concerned about the jurisdiction’s inclusion in the European Union’s tax haven blacklist, despite pledging to get it removed, an international tax expert has said.
Dubai wealth managers have questioned why countries like the US and Switzerland have been left off the EU tax haven blacklist but the UAE has been included.