EU adopts new tax-haven blacklist, adds UAE, Bermuda, Aruba

FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, March 6, 2019. REUTERS/Yves Herman

March 12, 2019

BRUSSELS (Reuters) – European Union governments adopted a broadened blacklist of tax havens on Tuesday, the EU commission said in a statement.

Ten jurisdictions were added to the list. It had previously included five.

Aruba, Barbados, Belize, Bermuda, Fiji, Marshall Islands, Oman, the United Arab Emirates, Vanuatu and Dominica are added to the list.

The additions are the largest review of the list since the EU adopted it in December 2017. It was drawn up after revelations of widespread tax-avoidance schemes used by corporations and wealthy individuals to lower their tax bills.

Jurisdictions are added to the list if their tax rules enable tax evasion in other states. They are removed if they commit to reforms.

Blacklisted jurisdictions face stricter controls on transactions with the EU, although no sanctions have yet been agreed by EU states.

(Reporting by Francesco Guarascio; editing by Andrew Heavens, Larry King)

Source: OANN