EU blacklist names 17 tax havens

Caymans and Jersey on notice

The EU has named and shamed 17 countries in its first ever tax haven blacklist and put a further 47 on notice, including British overseas territories and the crown dependencies of Jersey, Guernsey and the Isle of Man, in an attempt to clamp down on the estimated £506bn lost to aggressive avoidance every year. The move was hailed as a vital “first step” but the failure of the member states to agree on any sanctions for those on the blacklist provoked the European commissioner for economic and financial affairs, Pierre Moscovici, to concede it was as yet “an insufficient response”.

The blacklist includes South Korea, Mongolia, Namibia, Panama, Trinidad & Tobago, Bahrain and the United Arab Emirates. Guam, the US territory in the Pacific, also features on the blacklist, in a move that is unlikely to endear Brussels to Donald Trump’s White House.
http://www.theguardian.com… Thu., 07  December 2017

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