European finance ministers prepare tax haven blacklist
On Tuesday, European Union finance ministers are going to discuss plans to draw up a blacklist of tax havens around the world. That’s what reporters heard from the EU presidency. It’s a definite move towards imposing wider sanctions on offending jurisdictions and states.
Ministers would look at criteria to identify suspect states. Disagreements regarding the definition of a haven as well as other details have hampered past efforts to withstand tax avoidance.
In May, EU members agreed to work out a common list by the end of 2017, following an outcry over revelations in the Panama Papers as for how some multinationals and prosperous individuals were dodging taxes.
Human rights group Oxfam appreciated the plans and told that the blacklist needs to include Switzerland as well as some states in the European Union, which it identified exactly as corporate tax havens, including Cyprus, Luxemburg, Belgium and the Netherlands.