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Tuesday, 13 December 2016

EU Identifies 28 Tax Regimes That Could Make Blacklist

The European Union has targeted 28 jurisdictions considered to have harmful tax regimes, nations that will potentially face scrutiny in early 2017 as part of the process to define its tax haven blacklist. Based on documents seen by Bloomberg BNA, the 28 countries targeted by the EU Code of Conduct Group for Business Taxation include a range of Pacific or Caribbean nations with offshore financial centers. Among them is Belize, Grenada, Cook Islands, Montserrat, Cabo Verde, Dominica, Saint Kitts and Nevis, Macao, Saint Lucia and Samoa. According to the confidential document, Anguilla, Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man and Jersey have been cited for potential screening by the Code of Conduct group in 2017, on account of their zero tax rates. Thirteen of the 28 are considered particularly problematic due to their failure to commit to the OECD’s Inclusive Framework for implementing the minimum base erosion and profit shifting reforms. “The Code of Conduct group has a solid and proven experience in dealing with harmful tax regimes, including regimes of third countries,” the confidential document states. “Assessments of these 28 countries could be undertaken autonomously by the Code of Conduct group with the assistance of the commission and experts in the review panels with a commitment to produce the outcomes in time for the final list.”

Source: Bloomberg

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