👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

EU adds Belize, Seychelles, Antigua and Barbuda to tax havens list

Published 10/17/2023, 07:34 PM
Updated 10/17/2023, 07:35 PM
© Reuters. A European Union flag flutters outside the congress palace ahead of the European Political Community summit in Granada, Spain, October 4, 2023. REUTERS/Jon Nazca/ File Photo

By Sarah Morland

(Reuters) -The Council of the European Union on Tuesday added the Indian Ocean island state of Seychelles and the Caribbean countries of Belize and Antigua and Barbuda to a list of 16 nations and territories deemed "non-cooperative" on taxes.

The council said all three jurisdictions either lacked tax information or failed to deliver on commitments regarding governance and transparency reforms.

The list also includes Russia, Panama, five other Caribbean states and territories and six in the Pacific Ocean.

The EU broadly asks its members to take the list into account for diplomatic and economic decisions, and commits to stronger monitoring for transactions or taxpayers linked to these countries, and bans channeling some EU funds through them.

The Council said in a statement the three new additions lacked a "largely compliant" rating from the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes, though Belize had made commitments to improve within the next year.

Belize's government blasted the move as an unjust "automatic" listing that disregarded reforms that addressed the Global Forum's July concerns, adding it will request an immediate review.

Barring Russia, it said in a statement, the EU list only includes "small and vulnerable countries like Belize yet fails to include any EU member state" which were given the same Global Forum rating.

"The EU's 'listing' process is devoid of the values of shared responsibility, mutual respect, accountability, fairness, and solidarity," the government said.

Oxfam's EU tax expert Chiara Putaturo also slammed the list as "toothless" for not screening the United States, the UK, or EU states such as Luxembourg and Malta, adding "countries deemed too big to be listed can no longer escape scrutiny."

© Reuters. A European Union flag flutters outside the congress palace ahead of the European Political Community summit in Granada, Spain, October 4, 2023. REUTERS/Jon Nazca/ File Photo

The EU Council did not immediately respond to a request for comment.

The Council also removed the British Virgin Islands territory, the Marshall Islands and Costa Rica from the list.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.