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EU adds Fiji to expanded tax haven blacklist

March 13, 2019 2:50 pm
[Source: TODAYonline]

European Union governments adopted a broadened blacklist of tax havens yesterday, adding Fiji and several other Pacific Island Countries to the list.

The 28-nation EU set up the blacklist in December 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower their tax bills.

EU finance ministers added 10 jurisdictions to the updated list.

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They are: the Dutch Caribbean island of Aruba, Barbados, Belize, the British overseas territory of Bermuda, Fiji, the Marshall Islands, Oman, the United Arab Emirates, Vanuatu and Dominica.

They join Samoa, Trinidad and Tobago, and three U.S. territories of American Samoa, Guam, and the U.S. Virgin Islands who were already on the blacklist.

Blacklisted states face reputational damages and stricter controls on transactions with the EU, although no sanctions have yet been agreed by EU states.

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