EU's Moscovici says expects adoption of blacklist of 20 #TaxHavens

EU's Moscovici says expects adoption of blacklist of 20 #TaxHavens

"Some of the biggest players within the realm of tax havens sit at the European Union tables in Brussels - nations like Luxembourg and the Netherlands", Hannah Brejnholt, a political tax consultant with aid organisation Mellemfolkeligt Samvirke, told BT.

The bloc said on Tuesday that the countries the list, made public after months of screening of tax policies, were not doing enough to deal with offshore avoidance schemes. "This list needs to be effective, meaning that it needs to allow us to impose sanctions so that those who don't respect rules will change their behavior".

Potential countermeasures that have been tabled on behalf of the European Commission, include limiting access for listed jurisdictions to the European Fund for Sustainable Development, as EU-28 level measures, while the member states could on a country to country bass reinforce monitoring of transactions, increase audit risks for taxpayers benefiting from the regimes at stake or for those using structure involving these jurisdictions.

On the list going into the talks were also Barbados, Cape Verde, Grenada, Macao, Marshall Islands, Palau, Saint Lucia, Tunisia and the United Arab Emirates, according to a draft seen by AFP.

But some countries, including France, have said that listed jurisdictions should also face sanctions.

More news: Keyboard maker AI.type exposes 31M customer records in latest database breach

Besides the 17 countries that are placed on the blacklist, 47 countries were placed on a so-called "grey-list".

Recently, the BATT expressed concern after the Global Forum recognized this country as the only jurisdiction not considered to have made sufficient progress towards satisfactory implementation of the agreed tax transparency standards.

The clock is counting down: Now that tax reform bills have made their way through the House and Senate, Republicans in both chambers are working to iron out the differences between the two bills - with a goal of overhauling the U.S. tax system by December 22.

Some countries were not listed because they pledged to improve in the area of fair taxation.

"Tax havens will not disappear from our radars and we will keep the pressure on", he said. Panama has been battered by document leaks, including the Panama Papers and Paradise Papers, showing how the rich have stashed wealth in shell companies in Panama and other small nations. Some large companies - including Apple, General Electric, and others - often stash billions of dollars overseas in tax havens, like Luxembourg and the Cayman Islands, so they can effectively defer payment of their taxes.

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