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Monday, 22 June 2015

14 Caribbean states on EU tax blacklist

Fourteen Caribbean countries among a list of thirty territories blacklisted by the European Commission as the world’s worst tax havens. However, doubts have been cast over the methodology and motives behind the naming of these countries - Antigua and Barbuda, The Bahamas, Barbados, Belize, Bermuda, Grenada, St. Vincent and the Grenadines, St. Kitts & Nevis, Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, Montserrat and the Turks and Caicos Islands -  named as being deficient in cracking down on tax avoidance. Sir Ronald Sanders – a former ambassador for Antigua and Barbuda who led negotiations with the Organisation for Economic Cooperation and Development (OECD) on its “Harmful Tax Competition” scheme, said:  In naming 30 countries as the “top tax havens in the world”, the European Union (EU) appears to “playing dice” with the reputations of countries, 12 of which are Commonwealth independent small states in the Caribbean, the Pacific and the Indian Ocean. European tax-avoidance hubs such as Luxembourg – whose former Prime Minister is now the President of the European Commission – were excluded, as were the Netherlands and Ireland, all of which are being investigated by European competition authorities for allegedly offering “sweetheart” tax deals to multinational companies.

Source: antillean.org