Government hails European Union tax haven blacklist

EU creates blacklist of 17 'tax haven' countries

EU creates blacklist of 17 'tax haven' countries

EU Economic Affairs Commissioner Pierre Moscovici said this was less than the 20 countries he had hoped for but would be a "initial victory" if confirmed.

Recently, the BATT expressed concern after the Global Forum recognized this country as the only jurisdiction not considered to have made sufficient progress towards satisfactory implementation of the agreed tax transparency standards.

The EU originally screened a total of 92 jurisdictions and once the list is compiled it is expected to be continuously updated.

According to the Independent UK, Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs on Tuesday said the adoption of the first-ever European Union blacklist of tax havens marks a key a key victory for transparency and fairness, but noted that the process does not stop here.

Deputy secretary of state Ricardo Mourinho Félix was quoted as saying that the Portuguese tax haven list - which does not include Macau - "must be collated with the European list".

Is this enough? It seems that even today, some member states such as France, think that jurisdictions should also face some form of sanction.

Many have also taken to social media to criticise the list, including the managing director of Arton Capital who tweeted the list was "total and complete nonsense". "No state should escape responsibilities when it doesn't firmly combat tax evasion", French Finance Minister Bruno Le Maire said on his way to the meeting where the blacklist was approved.

Other measures that could be taken at a national level - but which will be at the discretion of each country - include withholding tax measures, non-deductibility of costs, and special documentation requirements. "If countries [implement] them, they won't be part of the tax list".

The clock is counting down: Now that tax reform bills have made their way through the House and Senate, Republicans in both chambers are working to iron out the differences between the two bills - with a goal of overhauling the U.S. tax system by December 22.

"We must do everything we can to keep up the pressure on all of these countries", he said. "To avoid getting on the list, a great many nations have already shown to be cooperative", Vandenkendelaere said.

The EU proposed new rules previous year that would force multinational companies that operate in the bloc to reveal details about their operations in tax havens and summarize how much tax they pay in countries around the world.

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