EU Unleashes Black List of 17 Tax Haven Countries

LONDON, – European Union publishes a black list of 17 countries declared a tax haven (tax havens). The EU said these countries were uncooperative in terms of sharing the information for taxation purpose. They conduct unfair tax practices or would not share important financial information with the EU.


Citing CNN Money, Monday (11/12/2017), the EU also states the countries will be subject to investigations and penalties related to foreign policy, economic relations, and development cooperation. Some of the countries in question include South Korea, Barbados, Saint Lucia, Bahrain, Panama and the United Arab Emirates.


Penalties to be imposed may include among them the obligations of special financial documents and tax assessments. EU countries are also required to audit and monitor transactions with the countries in question.


The European Union has been working against tax evasion in recent years after several high-profile cases have been published. The latter is Paradise Papers or Documents of Heaven.


In the document, a number of corporations, government leaders, and famous people use offshore accounts to avoid taxes or hide their assets.


Last year, the EU introduced new rules that encourage multinational companies operating in the region to disclose details about their operations in tax haven. The companies should also summarize the amount of taxes they would have to pay in countries around the world.


The following is a list of 17 countries that are considered a tax haven by the European Union.

  1. American Samoa
  2. Bahrain
  3. Barbados
  4. Grenada
  5. Guam
  6. South Korea
  7. Macau
  8. Marshall Islands
  9. Mongolia
  10. Namibia
  11. Palau
  12. Panama
  13. Saint Lucia
  14. Samoa
  15. Trinidad and Tobago
  16. Tunisia
  17. United Arab Emirates [Translation RP]











Bad News on the Increase of Import Income Tax
Bad News on the Increase of Import Income Tax

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