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Wednesday, 06 December 2017 06:39

Black and Grey list published – St. Lucia, Grenada and Barbados among them Featured

The EU published its first "blacklist" of tax havens on Tuesday, naming 17 countries including Barbados, Panama, and St Lucia.

The 17 blacklisted countries are:

   American Samoa

   Bahrain

   Barbados

   Grenada

   Guam

   South Korea

   Macao

   The Marshall Islands

   Mongolia

   Namibia

   Palau

   Panama

   St Lucia

   Samoa

   Trinidad & Tobago

   Tunisia

   The United Arab Emirates.

It also published a "greylist" of 47 countries, which include the British Overseas Territories (OTs) and Crown Dependencies (CDs) of Jersey, Guernsey, Bermuda and the Cayman Islands.

Countries were blacklisted if they were deemed to have failed to meet international standards on tax transparency and tax rates, and had not provided sufficient commitments that they would change in the months leading up to the list's publication. Those on the greylist made promises to reform their tax structures, which include changes to ensure companies are not using 0% corporate tax rates to avoid paying tax on profits.

Although the blacklisted jurisdictions will not be eligible for EU funds, unless it is to aid development, member states failed to agree on any financial sanctions.

Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, said the list "represents substantial progress but it remains an insufficient response to the scale of tax evasion worldwide," according to a report in the Guardian.

Moscovici reportedly said the countries on the greylist that had made commitments to change their tax laws must do so "as soon as possible," and called on ministers "to agree quickly on dissuasive national sanctions."

"We must do everything we can to keep up the pressure on all of these countries," he said. "We must not accept unfair tax competition and opacity."

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