BRUSSELS (Reuters) – European Union finance ministers plan to adopt a blacklist of tax havens and assess the impact of the United States’ planned tax overhaul in a meeting on Tuesday in Brussels.
After multiple disclosures of offshore tax avoidance schemes by companies and wealthy individuals, the EU launched a process in February to list tax havens in a bid to discourage setting up shell structures abroad which are themselves in many cases legal but could hide illicit activities.
Blacklist - Countries - Months - Talks - Commitments
“There will be, I hope, a blacklist that will include about 20 countries that despite ten months of talks have not made the necessary commitments,” EU tax commissioner Pierre Moscovici told reporters as he arrived at the meeting in Brussels.
A second “grey” list of jurisdictions who have committed to change their tax rules to abide by EU standards on transparency and cooperation will also be adopted, although it is unclear whether it will be public.
Moscovici - Grey - List - Countries - Names
Moscovici said the “grey” list will include about 40 countries. No names of jurisdictions included on the blacklist or grey list have so far been disclosed.
The final listing could be trimmed by EU ministers. They will also have to decide on sanctions for blacklisted countries. EU states have not been screened and will not be on the list.
Commission - None - Members - Bloc - Tax
The commission said none of the 28 members of the bloc can be classified as a tax haven, as all have agreed to respect EU tax standards.
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