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Tax havens

Thursday, December 07, 2017

The EU has blacklisted 17 countries as tax havens as it cracks down on tax avoidance, and put another 47 on a list to make reforms to avoid being labelled tax havens.

American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, St Lucia, Samoa, Trinidad & Tobago, Tunisia and United Arab Emirates were named as "non-compliant jurisdictions" in the first EU blacklist of tax havens.

Six Pacific region countries were on the grey list — Fiji, Cook Islands, Nauru, Niue, Vanuatu, and New Caledonia.

The EU said the countries weren't meeting international standards and hadn't made sufficient commitments to change their ways.

The EU failed to agree to any sanctions on the blacklisted countries.

A second "grey" list of 47 nations that have committed to meeting EU tax rules by the end of 2018 includes Cook Islands, Fiji and Vanuatu.

As developing nations, Fiji and Vanuatu have an extra year after that to meet standards before they are placed on the blacklist.

EU Council head Toomas Tõniste said the lists would be regularly reviewed until "good tax governance becomes the new norm".

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