EU to add 10 countries to tax blacklist | Daily Current Affairs 2021

EU to add 10 countries to tax blacklist

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The European Union is planning to expand its blacklist of tax havens.

According to an official, ‘It is expected that the updated blacklist will contain 15 countries, and the updated gray list contains 23 countries. The list was first put together in 2017 to name and shame non-cooperative jurisdictions for tax purposes and will be amended at a meeting of EU economy and finance ministers on Tuesday in Brussels’.

Seven countries are to be moved back from a gray list because commitments previously made have not been respected. These are Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu and Dominica. They are joined by five more countries entering the naughty list for the first time, whose tax regimes, according to the Commission’s assessment, have gotten worse over the past months, these are Barbados, the United Arab Emirates — that’s still being debated — and the Marshall Islands.

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