European Union creates blacklist of 17 'tax haven' countries

       Tax avoidance islands off British shores

Video Tax avoidance islands off British shores

"No state should escape responsibilities when it doesn't firmly combat tax evasion", said the French finance minister Bruno Le Maire on his way to Tuesday's ECOFIN meeting in the European Council's home in Brussels.

They will face restrictions from receiving EU funding and investments from the European Investment Bank.

The list is a result of excessive screening of more third countries before the ministers made up their mind that these 17 non-EU countries will be blacklisted, while another 47 will be included in a separate gray list, to be monitored for their compliance with commitments undertaken.

Is this enough? It seems that even today, some member states such as France, think that jurisdictions should also face some form of sanction. "This list needs to be effective, meaning that it needs to allow us to take sanctions so that those who don't respect rules change their behavior". The countries omitted from consideration were Anguilla, Antigua and Barbuda, Bahamas, British Virgin Islands, Dominica, St Kitts and Nevis, Turks and Caicos, and US Virgin Islands.

The bloc did not assess its own member states.

The clock is counting down: Now that tax reform bills have made their way through the House and Senate, Republicans in both chambers are working to iron out the differences between the two bills - with a goal of overhauling the United States tax system by December 22.

The EU reportedly put South Korea on the list citing lack of transparency in the country's tax benefits for foreign companies investing in its free economic zones and foreign investment zones.

Andorra, Armenia, Aruba, Belize, Botswana, Cape Verde, Cook Islands, Curaçao, Fiji, Hong Kong SAR, Jordan, Labuan Island, Liechtenstein, Malaysia, Maldives, Mauritius, Morocco, Niue, St Vincent & Grenadines, San Marino, Seychelles, Switzerland, Taiwan, Thailand, Turkey, Uruguay, and Vietnam.

These 47 countries committed to making changes to their tax policy in 2018, 2019 for developing countries, in an attempt to comply with European Union regulations.

The most recent revelations came in the Paradise Papers, a set of leaked documents that showed how corporations, government leaders and prominent people use offshore accounts to avoid taxes or otherwise hide ownership of assets. Some large companies - including Apple, General Electric, and others - often stash billions of dollars overseas in tax havens, like Luxembourg and the Cayman Islands, so they can effectively defer payment of their taxes.

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