The European Union (EU) retained Panama on the list of tax havens.
The decision was made this Tuesday by EU member states, who assessed progress in fiscal transparency, tax fairness and compliance with international standards.
The list, which is updated every six months, includes those jurisdictions that do not comply with EU standards on tax transparency, tax fairness or the implementation of international rules to prevent tax base erosion or profit shifting, and furthermore, are not taking steps to address these problems.
Inclusion in it does not imply economic sanctions, except for the prohibition of the transit of European funds through entities located in these jurisdictions. and administrative measures, such as more frequent audits, although states may choose to impose other types of penalties at the national level.
The list also includes: Russia, American Samoa, Antigua and Barbuda, Anguilla, Bahamas, Belize, Fiji, Guam, Palau, Samoa, Seychelles, Trinidad and Tobago, Turks and Caicos Islands, US Virgin Islands and Vanuatu.
At the same time, the EU removed the Virgin Islands from the list after they amended their tax information exchange framework, as well as the Marshall Islands due to “significant progress” in implementing content requirements.
On the contrary, Antigua and Barbuda, Belize and Seychelles belong to this repertoire from the EU has found that all of them do not meet the standards regarding the exchange of tax data on request.
On the other hand, the EU removed four jurisdictions from the so-called “grey list”, which includes territories where the 27 have encountered problems in tax cooperation, but have committed to making changes to their legislation to solve them.
These are Jordan and Qatar, which are leaving after changing certain harmful tax regimes, and Montserrat and Thailand, that they have complied with all their obligations regarding tax information for each country.
The EU has always insisted that the purpose of its list of tax havens is not to sanction those on it, but to encourage them to make changes to their legislation. The directory prepared by the member states is updated every six months.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
