The European Union wants to take almost half of areas branded as tax havens back from ir blacklist after only one and a half months. Eight of 17 tax havens to date are to be deleted, as shown in a document from EU Council's tax Working group, which is provided by DPA news agency. The EU finance ministers should refore confirm decision at ir meeting next week.

At beginning of December, EU countries agreed on a blacklist of countries and tax jurisdictions outside EU against which re were fiscal concerns. These included Bahrain, Barbados, Namibia and Panama. The list is primarily intended to build up political pressure. Sanctions are not currently foreseen. In addition, a good 45 states agreed in December to take a look at ir tax practices and possibly revise m. They ended up on a grey list.

As Working Group's document states, Barbados, Grenada, South Korea, Macau, Mongolia, Panama, Tunisia and United Arab Emirates have pledged to commit mselves and are refore to be put on grey list by blacks.

There was criticism of process from European Parliament. "The blacklist of tax havens was quite unbelievable right from start, now it is quite ridiculous. If council wants to pardon one of world's leading tax havens with Panama, this is simply a fatal sign, "said CSU European politician Markus Ferber. "If Council of Ministers is waving this decision, it will give EU a ridiculous price. Panama has systematically cultivated its reputation as a tax haven and money laundering stronghold for years. "

The revelations of international media in so-called Panama papers and Paradise Papers on corporate networks and mailbox companies in tax havens had fueled debate on global tax avoidance. At beginning of 2017, EU had taken a look at 90 countries as possible tax havens. Many of m, however, showed mselves to be cooperative, it was said from EU circles.

Date Of Update: 17 January 2018, 12:03