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International

EU to remove Panama, Korea, UAE, 5 others from tax haven blacklist

14:45, Tuesday, 16 January, 2018
EU to remove Panama, Korea, UAE, 5 others from tax haven blacklist

European Union officials have proposed removing eight jurisdictions from the blacklist of tax havens the bloc adopted in December, in what critics may see as a blow to its campaign against tax avoidance.

EU states decided last month to draw up the list in a bid to discourage the most aggressive tax dodging practices.

But eight of the 17 jurisdictions currently listed are set to be quickly removed from the list after they offered to change their tax rules, according to EU documents seen by Reuters.

Panama, South Korea, the United Arab Emirates, Barbados, Grenada, Macao, Mongolia and Tunisia are the jurisdictions that EU officials have recommended be delisted.

The removal of Bahrain was also initially considered, but its delisting was eventually not recommended, the documents show.

The proposal will be discussed at a meeting of EU ambassadors on Wednesday and is expected to be adopted by EU finance ministers when they meet next week in Brussels for monthly talks.

Jurisdictions set to remain on the blacklist are American Samoa, Bahrain, Guam, the Marshall Islands, Namibia, Palau, Saint Lucia, Samoa, and Trinidad and Tobago.

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