EU takes eight countries off its tax haven blacklist, including Panama
The EU has taken eight countries out of the tax tax list after apparently taking measures to “address” EU concerns about its approaches to tax evasion.
Panama, Barbados and Grenada were among the countries that abandoned the list, which now includes only nine countries, amid allegations by activists that ministers “undermine” the process.
The three countries – South Korea, Macao, Mongolia, Tunisia and the United Arab Emirates – will move to Greeley from countries that the EU is concerned about, but believes it is improving its approach.
Countries that work at the expense of green can be moved to the black list if they do not improve quickly enough, but this has not happened yet.
The reaction of the campaign of fair tax campaigns was alarmed when the list was introduced late last year because of its narrow scope and the omission of a number of notorious tax havens, including the British Overseas Territories. On Tuesday, non-governmental organizations came out of the decision.
“The EU is rushing to get countries out of the blacklist without being clear what it has already committed to improving; this further undermines the process,” said Oor Chardonnet, Oxfam’s EU policy adviser on taxation and inequality.
“It is no secret that tax havens are still in the heart of the European Union, where four European countries failed to set EU blacklist standards.
“European Union governments must deal with tax havens within the EU as important as other countries to adopt tax reforms decided by a special club for rich countries,” he said.
The transit of Panama, one of the world’s largest blacklisted sanctuaries, is a disastrous sign in the fight against tax evasion, “said Markus Werber, vice-president of the EEC and deputy chairman of the European Parliament’s Economic Committee.
EU finance ministers have taken a decision to remove these countries in Brussels when they met at their monthly meeting.
The ministers agreed on the move after EU tax experts recommended the Code of Conduct.
“The jurisdictions around the world have worked hard to commit to adjusting their tax policies,” said Bulgarian Finance Minister Vladislav Goranov, who holds the rotating presidency of the European Union.