Article

EUROPE: EU to remove UK, Dutch overseas territories from tax haven blacklist.


Added on 16/05/2019

As published on uk.reuters.com, Monday 13th May, 2019.

 

European Union finance ministers are set to remove this week the British overseas territory of Bermuda, the Dutch Caribbean island of Aruba and Barbados from the bloc’s blacklist of tax havens, an EU official said on Monday.

The three islands were added to the list in March because the EU found shortfalls in their tax rules that could favor tax evasion in other states.

The decision, which is due to be formalized by EU finance ministers in a meeting on Friday, will remove from the list the only EU territories that are currently on it.

EU countries are not even screened as they are deemed compliant, although the EU Parliament has accused seven of them of acting as tax havens. They are Luxembourg, Cyprus, Ireland, Malta, Hungary, Belgium and the Netherlands.

Listing decisions are made by the 28 EU governments. Each one of them has the power to veto any decision on the matter.