12 countries on the EU blacklist of tax havens

The European Union has updated its black list of tax havens on Monday, with few changes in the 12 countries and territories that comprise it, but with an important novelty for future changes, given that it has issued an ultimatum to Turkey to fulfill its commitments to activate the automatic exchange of tax information system with the 27 before July or will be included in this list, created in 2017.

In fact, on December 31, the deadline for Ankara to comply with its agreements with Brussels to establish communication channels to prevent fraud and tax evasion expired. However, so far Turkey has only implemented these systems with 21 of the 27 EU members, leading to the warning community, which has urged the Turkish Government to negotiate its implementation as soon as possible with the 6 remaining partners.

Turkey is currently on the EU gray list, which includes countries that have committed to adopting the necessary reforms to improve their fiscal transparency with regard to community partners, but whose progress has not yet been verified by Brussels. Currently, 8 other countries are on that gray list, which includes Australia, Barbados, Botswana, Eswatini, Jamaica, Jordan, Maldives and Thailand.

Andorra could return to the list of tax havens

Andorra appeared until 2 years ago in that gray list, since the EU considered until that date that the Pyrenean principality had a “pernicious tax regime” for subsidizing up to 2% on Corporation tax. In December 2018, the EU Economy Ministers endorsed exclude it from that list, after recognizing its progress in improving transparency and tax collaboration and to abolish the tax cuts indicated by Brussels.

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Nevertheless, Andorra could return to the list of tax havens of the EU, as well as 4 community partners such as Cyprus, Luxembourg, the Czech Republic or Ireland, according to the Union of Technicians of the Ministry of Finance Gestha, which has recently assured that Spain could propose its inclusion in the list given that these are countries with low or no taxation, according pick up 20 minutes.

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The president of Gestha, Carlos Cruzado, has asked to update the tax system and has criticized the “lack of solidarity of those who enjoy great income, benefits or assets use them to the detriment of society”, in reference to the youtubers who have recently announced their transfer to Andorra. Cruzado has rejected the criticisms of youtubers to the tax burden in Spain, highlighting that in the most developed countries “it is significantly higher”.

Pending possible changes in the coming months in the EU’s tax transparency black and gray lists, 12 are the countries and territories that Brussels considers tax havens or “jurisdictions without cooperation in tax matters”, after this Monday Brussels announced the exit of Barbados from the black list and the entry of Dominica.

Eel

  • Type of jurisdiction: british overseas territory
  • Blacklisted since: October 6, 2020

Dominica

  • Type of jurisdiction: sovereign country and member of the Commonwealth
  • Blacklisted since: February 21, 2021

Fiji

  • Type of jurisdiction: sovereign country member of the Commonwealth
  • Blacklisted since: March 12, 2019
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Guam

  • Type of jurisdiction: unincorporated US territory
  • Blacklisted since: December 5, 2017

US Virgin Islands

  • Type of jurisdiction: unincorporated US territory
  • Blacklisted since: March 13, 2018

Palau

  • Type of jurisdiction: republic freely associated with the US
  • Blacklisted since: December 5, 2017

Panama

  • Type of jurisdiction: sovereign country
  • Blacklisted since: December 5, 2017

Samoa

  • Type of jurisdiction: sovereign country member of the Commonwealth
  • Blacklisted since: December 5, 2017

American Samoa

  • Type of jurisdiction: unincorporated US territory
  • Blacklisted since: December 5, 2017

Seychelles

  • Type of jurisdiction: sovereign country member of the Commonwealth
  • Blacklisted since: February 18, 2020

Trinidad and Tobago

  • Type of jurisdiction: sovereign country member of the Commonwealth
  • Blacklisted since: December 5, 2017

Vanuatu

  • Type of jurisdiction: sovereign country member of the Commonwealth
  • Blacklisted since: March 12, 2019

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