Category: Blacklist update

EU anti-money laundering blacklist to be revisited

Next month, the European Union will revamp its methodology for compiling its anti-money laundering blacklist, after a previous list was blocked by EU governments that objected to the listing of Saudi Arabia and four US overseas territories, EU Commissioner for Justice Vera Jourova told the Financial Times recently.“We have admitted… – Continue reading

ICAB happy with Barbados’ removal from the EU’s blacklist

Barbados’ removal from the European Union’s (EU) blacklist has been welcomed by the Institute of Chartered Accountants of Barbados (ICAB). During her welcome remarks at the 15th Annual ICAB International Business Workshop, at the Barbados Hilton Resort, ICAB’s Executive Director, Kathy-Ann Hewitt, stated: “We are indeed happy that this change… – Continue reading

Minister’s proposal of corporate tax reforms causes strong reaction from Cyprus business community

NICOSIA, Aug. 7 (Xinhua) — Cypriot Finance Minister Harris Georgiades’ proposal of a major reform of corporate taxation has triggered strong objections from entrepreneurs, who fear that it would lead to an increase of their total tax burden. Georgiades said on Wednesday that his proposal, which included taxation on offshore… – Continue reading

Dominica removed from EU tax haven blacklist

The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. Dominica implemented its commitments and addressed EU… – Continue reading

Cyprus: The True Impact Of BEPS On International Business Structures

In the last decade, OECD officials have recommended measures to combat tax avoidance, culminating first in the BEPS (Base Erosion and Profit Shifting) initiative in 2015 and then the MLI (Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS) effective from July 2018 – yet have all their… – Continue reading

Tax hope

Barbados is hopeful that it will be removed from a European blacklist of non-cooperative tax jurisdictions by next month, the head of the Barbados International Business Association (BIBA) has said. Julia Hope said her organisation, which represents international business companies and offshore financial services, will be giving every support it… – Continue reading

Isle of Man removed from EU grey list

The Isle of Man has been removed from the EU’s grey list of non-cooperative tax jurisdictions, along with the other Crown Dependencies, Jersey and Guernsey, after the three worked together with the EU to develop proposals to address the concerns raised. Chief Minister Howard Quayle tweeted he was “delighted” with… – Continue reading

Taiwan removed from EU tax haven greylist

Taipei, March 14 (CNA) The European Union has removed Taiwan from the bloc’s greylist of tax havens, acknowledging the nation’s efforts at implementing anti-tax avoidance measures, Taiwan’s Ministry of Finance (MOF) said Thursday. The MOF vowed to continue to work with governments of other countries in the future and implement… – Continue reading

EU considers adding UAE, Oman on tax haven blacklist

European Union states have added ten jurisdictions to a draft tax haven blacklist, including the United Arab Emirates (UAE) and Bermuda, an EU official told Reuters on Tuesday, in a move that would triple the number of listed countries. The measure comes more than one year after the bloc decided… – Continue reading

Barbados OECD compliant

Barbados is no longer under threat of a negative listing by the Organisation for Economic Co-operation and Development (OECD). Minister of International Business and Industry, Ronald Toppin, made this disclosure during an international tax conference with stakeholders in New York on Thursday. Minister Toppin said his Ministry had received confirmation… – Continue reading

TCI added to Dutch tax haven blacklist

THE DUTCH government has added the Turks and Caicos Islands and 15 other countries to a tax haven blacklist. The jurisdictions listed have no corporation tax or a corporation tax rate of less than nine percent, a press release from the Government of the Netherlands stated. The 16 countries added… – Continue reading

GOV’T SAYS DUTCH BLACKLIST “UNJUSTIFIED”

Cayman’s leaders return fire on the Dutch government describing its blacklist as “unjustified” and “wholly lacking in fairness and credibility.” In a statement Friday (4 January) the Office of the Premier said the Dutch blacklist does not take into account Cayman’s adherence to international standards for tax transparency nor its… – Continue reading

Dutch add Guernsey, Belize and Isle of Man to tax evasion blacklist

The Dutch finance ministry is expanding its official list of places it considers to be involved in tax evasion by a further 16 low tax jurisdictions, including the islands of Guernsey and Jersey, the Isle of Man, and Belize. The list contains five jurisdictions currently blacklisted by the EU: American… – Continue reading

Central Bank Official: Oecd Tried To ‘Hobble’ Permanent Residency

A top Central Bank official has accused the OECD of trying to “hobble” the competitiveness of The Bahamas’ economic permanent residency regime by including it in an arbitrary “quasi-blacklist”. Charles Littrell, the regulator’s inspector of banks and trust companies, in a speech to a Turks & Caicos financial services conference,… – Continue reading

Isle of Man approves law to avoid EU blacklist

The Isle of Man’s parliament has approved tax legislation that will allow the jurisdiction to avoid being put on the European Union’s blacklist. Tynwald gave the green light this week to the Income Tax (Substance Requirements) Order 2018. This means that from January 2019, companies engaging in “relevant activities” will… – Continue reading

Government, European Union in talks over looming blacklist

Government officials have devised what they believe is a solution to the looming European Union blacklist threat, according to Neil Smith, the executive director of government’s Office of International Business (Regulations). The EU has threatened to place the Virgin Islands on an anti-tax avoidance blacklist at the end of the… – Continue reading

Jersey puts forth economic substance legislation

Jersey has tabled new laws to address the EU’s concerns over ‘economic substance’, the degree of real business activity carried out by companies registered in the Island. The new proposed requirements for an economic substance test for Jersey tax-resident entities have been published and are set to come into force… – Continue reading

BIBA head confident Barbados can make tax law deadlines

Officials in the international business sector here are in somewhat of a wait and see mode as Barbados continues to make necessary legislative and regime changes governing the sector. This means companies seeking to attract new international business to Barbados have not been as robust in their efforts as they… – Continue reading

Council of EU Cuts Liechtenstein, Peru From ‘Gray’ List of Tax Havens

MOSCOW (Sputnik) – Liechtenstein and Peru are compliant with EU laws on tax after implementing necessary reforms and were therefore removed from EU “gray” list of tax havens, the Council of the European Union said Tuesday in a statement. In late 2017, Brussel released two lists, a blacklist of non-cooperative… – Continue reading

Advocacy Group Says EU’s Tax Haven Blacklist Is Failing

Tax havens are typically assumed to be islands in warm climates offering low tax rates for organizations looking for a lucrative loophole. But these “havens” are also sought after for opaque financial laws that can allow organizations to get away with illegal activity, like money laundering. Now, a new report… – Continue reading

A Caribbean Perspective: Tax Rules We Can’T Meet, Unity We Must Not Avoid

The financial services sector of Caribbean jurisdictions – and other parts of the developing world – have been under continuous assault by the European Union (EU) and the Organization for Economic Cooperation and Development (OECD) since the mid-1990s. This assault will peak again in a month’s time when financial institutions… – Continue reading

Macau | Monetary Authority revoked 13 offshore permits this year

The Monetary Authority of Macao has revoked offshore authorisation for 13 companies in the first half of this year with no new offshore permits being provided Macau (MNA) – Some 13 offshore companies saw their authorisation to operate in Macau revoked in the first half of this year by the… – Continue reading

PWS: New Reporting Regulation Will Have Big Effect on Family Offices

A new agreement on international tax and financial information exchange aims to provide less opportunity to shelter wealth from taxation. Global wealth managers and advisors need to make sure they and their clients are in compliance. CHARLOTTE, N.C. (PRWEB) JULY 18, 2018 The Common Reporting Standard (CRS) for the automatic… – Continue reading

TCI dodges EU tax haven black list

THE TURKS and Caicos Islands has managed to avoid being placed on the European Union’s tax haven black list. Although the territory was on the anti-corruption watchdog’s grey list in 2017, prudent financial measures including tax transparency and compliance have prevented international sanctions. The EU’s grey list consists of jurisdictions… – Continue reading

New Legislation impacts Offshore Property Companies

The walls continue to close in on Offshore property holding companies in Portugal. Once a popular solution for home ownership, these structures are based in low-tax jurisdictions that allow shareholders to take advantage of certain “loopholes” to avoid paying Capital Gains tax when selling. Over the past 15 years, successive… – Continue reading

‘Blacklist Over – But We Must Be Wary Of More Eu Pressure’

SENATOR Dion Foulkes yesterday forecast the country would soon face more pressures from the European Union and should be ready to act quickly to avoid further reputational damage. On Friday, Finance Minister K Peter Turnquest announced the Bahamas had been removed from the European Union’s “blacklist” of non-cooperative jurisdictions for… – Continue reading

Use Eu’s Demands To ‘Set Our Own Table’

The Bahamas must now focus on leveraging the European Union’s (EU) demands to “set our own table” and boost GDP growth and employment, a well-known attorney is urging. Michael Paton, also a former Bahamas Financial Services Board (BFSB) chairman, said this nation has the opportunity to design an “economic substance”… – Continue reading

EU to remove two Caribbean countries from blacklist of tax havens

BRUSSELS, Germany (CMC) — Two Caribbean Community (CARICOM) countries are likely to be removed from the European Union list of tax havens next week, when European finance ministers meet here. The Bahamas and St Kitts-Nevis had in the past strongly objected to be included in the list put out by… – Continue reading

Fiscal Havens: New Record In Outstanding Cross-Border Claims Offshore End-2017

The crusade against fiscal havens is not working. According to the BIS, “banks’ outstanding claims on offshore banking centres surpassed their previous peak recorded in 2008 during the Great Financial Crisis (GFC). Outstanding cross-border claims on offshore centres totalled $4.6 trillion at end-2017, compared with $4.3 trillion at end-March 2008.”… – Continue reading

Corporate Taxation Dumped In Eu Bill

The Government has stripped corporate taxation from its anti-blacklisting response, as a top attorney yesterday warned: “Time is not our friend.” Michael Paton, who co-heads the financial sector working group dealing with the European Union (EU) concerns, told Tribune Business it will be “a long summer” as the Bahamas seeks… – Continue reading

Corporate Tax Promise Not ‘Concrete’ For Eu

THE Bahamas will be unable to satisfy the European Union’s (EU) demands by merely promising to implement corporate taxation, a prominent attorney has warned. Michael Paton, who co-heads the financial services industry working group assessing the Government’s ‘blacklisting’ response, told Tribune Business in a recent interview that time and the… – Continue reading

Euro Blacklisting To End This Week?

The Bahamas could be removed from the European Union’s (EU) ‘blacklist’ as early as this Thursday, with the Government hoping to at least get “an indication” of delisting progress. K P Turnquest, Deputy Prime Minister, told Tribune Business that the Government was yesterday “following up” with EU officials on the… – Continue reading

Ibcs Face ‘Much Damage’ Through Blacklisting Bill

THE Bahamas’ ‘blacklisting’ response threatens to “cause a lot of damage” to its IBC business and create “much less certainty” for the financial services industry, a top attorney is warning. Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told Tribune Business that the proposed Multinational Entities Reporting Bill… – Continue reading

EU Announces Sanctions For ‘Blacklisted’ Countries

The European Commission is to take steps to ensure that EU external development and investment funds cannot be channelled or transited through entities in countries included on the EU’s “blacklist” of non-cooperative tax jurisdictions. The Commission has published guidelines which set out the applicable legislation on how EU funds should… – Continue reading

Ambassador To Eu Proposal In Wake Of Blacklisting

IN THE aftermath of The Bahamas’ blacklisting by the European Union for being a tax haven, Financial Services Minister Brent Symonette says it might be time for The Bahamas to consider appointing an ambassador to the EU to increase dialogue on matters concerning this country. The St Anne’s MP said… – Continue reading

Bahamas ‘Failed To Read Tea Leaves’ On Corporate Tax

THE Bahamas’ failure “to read the tea leaves” and introduce a corporate income tax “for ourselves” has contributed to Europe’s planned ‘blacklisting’, a financial executive argued yesterday. Paul Moss, Dominion Management Services’ president, told Tribune Business that implementing such a tax would mean the European Union (EU) “cannot accuse us… – Continue reading

Last-Ditch Bid To Halt Eu Blacklist

The Deputy Prime Minister and minister of financial services were yesterday travelling to Europe in a last-ditch bid to plead the Bahamas’ case against being ‘backlisted’. Carl Bethel QC, the Attorney General, confirmed to Tribune Business that both K P Turnquest and Brent Symonette are leading a government delegation that… – Continue reading

Gov’t agrees to meet international tax standards

THE GOVERNMENT recently held bilateral talks with the Code of Conduct Group (COCG) to discuss tax transparency and fair taxation in the territory. A press release from the Office of the Premier issued on Tuesday (February 27), said Premier Sharlene Cartwright Robinson and other TCI representatives met with the COCG… – Continue reading