• Today
    December 15

  • 04:08 AM

ACP condemns Europe over new tax haven list


Added 10 December 2017


BRUSSELS – The African Caribbean and Pacific (ACP) Group has “strongly condemned” the “unilateral and discriminatory practices” of the European Union in the publication of a list of non-cooperative tax jurisdictions.

A statement following the 106th ACP Council of Ministers meeting here noted that in the last EU list, eight ACP member states had been included “despite the fact that these countries are compliant or largely compliant with the standards set by the Organisation for Economic Cooperation and Development (OECD) – the international body recognised for setting norms and standards on tax cooperation at the international level”.

EU finance ministers who met here on Tuesday said the new list, which included Trinidad and Tobago, Grenada, Barbados and St Lucia, was drawn up after ten months of investigations by EU officials. The finance ministers also named American Samoa, Bahrain, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Tunisia and the United Arab Emirates.

They said the countries on the blacklist were not doing enough to crack down on offshore avoidance schemes. Potential sanctions that could be enforced on members of the list are expected to be agreed in the coming weeks.

The EU said that the new list was compiled through a three-step process including the pre-selection of 216 countries worldwide using more than 1600 indicators and that all  jurisdictions chosen for screening were formally contacted, to explain the process and invite them to engage with the EU.

St Vincent and the Grenadines is listed as a jurisdiction with improved fair taxation while Bermuda and the Cayman Islands are listed as jurisdiction which introduced substance requirement.

The EU said that as a first step, a letter will be sent to all jurisdictions on the new list, explaining the decision and what they can do to be de-listed.

But the ACP noted that the countries blacklisted “are mostly small, developing states with vulnerable economies, which could suffer further negative economic impact and extensive reputational damage from the EU’s unilateral actions.

“Such actions are against the letter and spirit of partnership enshrined in the ACP-EU Cotonou Agreement. They undermine the trust and confidence of the world’s unique North-South Development partnership of the ACP Group and the EU due for a successor Agreement come 2020 negotiations,” the ACP noted “strongly” urging the “EU to enter into dialogue with the ACP to resolve this matter”. (CMC)


Dos and Donts

Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus


The public service vehicle community is upset over new uniforms provided by the Transport Authority. Do you think the new uniforms are a good idea?