SVG has been removed From the New EU First Blacklist Of Tax Havens which was published on 5th December 2017. A “watch list” of 47 countries promising to change their tax rules to meet EU standards has also been issued.
After a meeting in Brussels on Tuesday EU finance ministers said American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and the United Arab Emirates are not doing enough to crack down on offshore avoidance schemes.
The lists follow the leaking of the Panama Papers and the Paradise Papers, revealing how companies and individuals hid their wealth from tax authorities around the world in offshore accounts.
EU tax commissioner Pierre Moscovici said the blacklist represented “substantial progress”, adding: “Its very existence is an important step forward. But because it is the first EU list, it remains an insufficient response to the scale of tax evasion worldwide.”
Existence of harmful tax regimes
The following jurisdictions are committed to amend or abolish the identified regimes by 2018:
Saint Vincent and the Grenadines, Andorra, Armenia, Aruba, Belize, Botswana, Cabo Verde, Cook Islands, Curacao, Fiji, Hong Kong SAR, Jordan, Liechtenstein, Maldives, Mauritius, Morocco, San Marino, Seychelles, Switzerland, Taiwan, Thailand, Turkey, Uruguay and Vietnam.
Anti-BEPS Measures: Membership of the Inclusive Framework on BEPS or implementation of BEPS minimum standards. The following jurisdictions are committed to become a member of the Inclusive Framework or implement BEPS minimum standard by 2018:
Saint Vincent and the Grenadines, Aruba, Cook Islands, Faroe Islands, Greenland, New Caledonia, Saint Vincent and the Grenadines, Taiwan and Vanuatu.