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The European Union is taking eight countries and jurisdictions off its tax avoidance blacklist after they made commitments to meet EU requirements.

Barbados, Grenada, Macao, Mongolia, Panama, South Korea, Tunisia and the United Arab Emirates were removed after agreeing to tighten their tax laws.

The nations now move to a grey list of over 40 countries and jurisdictions that will be monitored closely.

Read: Don’t let a vacation property dream become a tax nightmare

French Finance Minister Bruno Le Maire said Tuesday that the fresh commitments show “that European pressure is effective. ”

Up until now, the system has centred on naming and shaming but Le Maire calls for tougher action. He says: “Naming and shaming will not be enough. There also must be sanctions.”

Originally published on Advisor.ca
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