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EU set to add USVI to tax haven blacklist; VI on grey list!
According to an article published by Reuters on March 9, 2018, the Bahamas, the US Virgin Islands (USVI) and St Kitts and Nevis are set to be added next week to a European Union blacklist of tax havens, raising to nine the number of jurisdictions on it.
This is according to an EU document that Reuters claimed to have seen.
It said the decision, taken by EU tax experts, is set to be endorsed by EU finance ministers at a regular monthly meeting on Tuesday March 13, 2018, when the 28 EU governments are also expected to delist Bahrain, the Marshall Islands and Saint Lucia.
“As a result of both moves, the blacklist would maintain nine jurisdictions deemed to facilitate tax avoidance. The other six are American Samoa, Guam, Namibia, Palau, Samoa and Trinidad and Tobago.”
VI on grey list!
The document, prepared by EU officials and dated March 8, 2018 also adds Anguilla, [British] Virgin Islands, Dominica and Antigua and Barbuda to a so-called grey list of jurisdictions which do not respect EU anti-tax avoidance standards but have committed to change their practices.
The grey list includes dozens of jurisdictions from all over the world.
Blacklisted jurisdictions could face reputational damage and stricter controls on their financial transactions with the EU, although no sanctions have been agreed by EU states yet.
“Those who are in the grey list could be moved to the blacklist if they do not honour their commitments, according to Reuters
Caribbean islands hit by hurricanes last year were given more time to comply with EU tax transparency standards when the bloc’s blacklist was established in December.
Countries ‘delisted’
Earlier this month, EU experts decided to propose the delisting of Bahrain, the Marshall Islands and Saint Lucia, a document dated March 2, 2018 showed.
According to Reuters, that attracted criticism from anti-corruption activists who called for disclosure of the commitments made by the delisted jurisdictions. “These engagements remain secret.”
The initial blacklist included 17 jurisdictions, but after one month eight were removed. They were Barbados, Grenada, South Korea, Macau, Mongolia, Tunisia, the United Arab Emirates and Panama. That move was also widely criticized by some EU lawmakers and activists.
Panama’s delisting caused a particular outcry as the EU process to set up the tax-haven blacklist was triggered by publication of the Panama Papers - documents that showed how wealthy individuals and multinational corporations use offshore schemes to reduce their tax bills.
Interestingly enough, according to Reuters, EU countries were not screened. “They were deemed to be already in line with EU standards against tax avoidance, though anti-corruption activists and lawmakers have repeatedly asked for some EU members such as Malta and Luxembourg to be blacklisted.”
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20 Responses to “EU set to add USVI to tax haven blacklist; VI on grey list!”
Also US TX code us set up as a tax gave. For wealthy Corporations and yet.....
Your case is that the EU is jealous of St. Kitts because someone somewhere called St. Kitts "Heaven on Earth"? So the second largest trading bloc in the world made up of 27 national and millions of souls, actually bothers to make up blacklists to stain the name of islands like St. Kitts and us. because it make them feel better about themselves.
I mean ........ it seems humans will do anything to convince themselves that up is down and the sky is beneath the sea if it justifies their own blind greed.
Notice how we get on and off the blacklist depending on how the UK pleases the EU. They're pissed the UK is leaving so they blacklist us but now they have bigger dragons to slay, they're backing off.
Europeans think they slick but they ain't. We see their jedi mind tricks.