The EU finance ministers plan to pull out Bahrain, the Marshall Islands and the Caribbean island country St Lucia from the black list with tax havens. The decision is proposed on the basis of an expert opinion and will be voted at the ministerial meeting on March 13th.
In January, a total of eight countries were removed from the same list, including Panama. So only six countries will remain in the list – American Samoa, Guam, Namibia, Palau, Samoa and Trinidad and Tobago if the proposal is accepted.
Bahrain, the Marshall Islands, St Lucia has taken “certain commitments” to adapt its tax laws and practices to EU standards. However, it does not specify what conditions the three countries have accepted.
This means that these countries will be transferred to grey list, remaining under monitoring to implement the promised commitments and adopt their tax laws to ensure transparency.
“This ever-decreasing list of tax havens will soon be so short it will be able to fit on a post-it. It’s time for the EU to publish how it chooses which countries go on the list and why”, said the Elena Gaita from Transparency International EU, an anti-corruption watchdog.
Last week, Caribbean Community (CARICOM) leaders who met in Haiti for the 29th inter-sessional summit, called on their finance ministers and central bank governors of the region to meet “expeditiously” to consider new proposals as regional governments continue to react to decisions by Europe in listing some countries as tax havens. The communique issued at the end of the summit noted that the proposals on a CARICOM Strategy had been prepared by a CARICOM Technical Working Group.
via Finance Apprise