Tax havens: EU includes South Korea and UAE on list of 17

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Huge leak reveals elite's secret assets

The European Union has blacklisted 17 nations and territories as half of a crackdown on tax havens.

South Korea, Barbados, Saint Lucia, Bahrain, Panama and the United Arab Emirates are among the many nations named Tuesday as “non-cooperative jurisdictions for tax functions.”

The EU stated they face potential punitive measures associated to “overseas coverage, financial relations and growth cooperation.”

The penalties may embrace particular documentation necessities and withholding tax measures. EU states have additionally been instructed to conduct audits and monitor transactions with these nations.

The blacklisted nations are accused of behaving like tax havens. Meaning they promote unfair tax practices, or do not share vital monetary data with the EU.

Dozens extra nations averted censure by pledging to enhance their tax guidelines, transparency and data sharing.

The screening of some Caribbean nations, together with the British Virgin Islands, was put on maintain as a result of of harm brought on by hurricanes within the area. The EU stated they might be included in an up to date list.

Associated: Dodging taxes is not the one purpose the wealthy stash money offshore

The EU has stepped up its efforts to fight tax avoidance lately after a number of excessive profile examples have been made public.

The latest revelations got here within the Paradise Papers, a set of leaked paperwork that confirmed how firms, authorities leaders and distinguished folks use offshore accounts to keep away from taxes or in any other case disguise possession of property.

The EU proposed new guidelines final yr that might power multinational firms that function within the bloc to disclose particulars about their operations in tax havens and summarize how a lot tax they pay in nations world wide.

It has additionally taken authorized motion towards main companies together with Amazon (AMZN, Tech30) which have been accused of owing again taxes.

EU member states weren’t thought-about for the list. The bloc has beforehand accused the Netherlands and Eire of granting particular tax therapy to Starbucks (SBUX) and Apple (AAPL, Tech30), respectively.

Oxfam lamented that some infamous tax havens — the Cayman Islands, Bermuda and Jersey — averted the blacklist. Some did so by promising to wash up their act.

“Though we acknowledge this can be a step in the proper path, if EU leaders let too many tax havens off the hook we’ll all lose out,” stated Oli Pearce of Oxfam. “Tax dodging means much less cash out there for healthcare, training and the combat towards poverty.”

The EU says it’s going to replace the list at the least yearly. Here is the complete list of jurisdictions on the blacklist:

  1. American Samoa
  2. Bahrain
  3. Barbados
  4. Grenada
  5. Guam
  6. South Korea
  7. Macao
  8. Marshall Islands
  9. Mongolia
  10. Namibia
  11. Palau
  12. Panama
  13. Saint Lucia
  14. Samoa
  15. Trinidad and Tobago
  16. Tunisia
  17. United Arab Emirates

CNNMoney (London) First revealed December 5, 2017: 12:47 PM ET

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