05/10/22

GLOBAL REGULATION: Oxfam hits out at credibility of EU tax haven blacklist.

As published on morningstaronline.co.uk, Tuesday 4 October, 2022.

Oxfam hit out at the European Union’s updates to its tax haven blacklist today for giving member-state countries an “automatic free pass,” and for lacking credibility.

The anti-poverty charity was angered by Bermuda being removed from the list.

Anguilla was placed back on the list, created in 2017 to tackle tax evasion, just a year after it was removed.

The Bahamas and the Turks and Caicos Islands were added to the blacklist, which now includes 12 jurisdictions.

EU member countries are not screened for possible inclusion.

The list is updated every six months and is taken into account by the European Commission when making financing and investment decisions.

Oxfam EU tax expert Chiara Putaturo said: “How can anyone give this list any credibility?

“Bermuda is one of the world’s worst tax havens with its zero corporate tax rate.

“Yet, the EU took it off the list after it made a few woolly promises to reform.

“To add insult to injury, major European tax havens like Luxembourg are not on the list because all EU countries receive an automatic free pass.”

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