Category: Blacklist update

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

European Union removes UAE from tax haven blacklist

UAE was confident of swift removal from the tax haven list in 2018. The UAE, along with seven other countries, has been removed from the European Union’s list of Uncooperative Tax Havens as the country further enhanced its transparency in tax procedures. As a mark of strengthening ties with EU… – Continue reading

Macau | MSAR delisted from EU tax haven blacklist, joins list of ‘cooperation with respect to commitments taken’ – EU Council

The Macau SAR has been removed from the European Union list of non-cooperative jurisdictions for tax purposes, joining a separate category of jurisdictions ‘subject to close monitoring,’ the European Union (EU) announced on Tuesday Macau (MNA) – The Macau SAR has been removed from the European Union list of non-cooperative… – Continue reading

St Lucia taking steps to be removed from EU tax haven list — PM

(CMC) – The St Lucia government Friday said it expects to join fellow Caribbean Community (CARICOM) neighbours, Barbados and Grenada, in being removed from a new list of global tax havens by the European Union. The EU has signalled its intention to remove the CARICOM countries after they submitted plans… – Continue reading

US Treasury disputes EU decision to list Guam on tax haven blacklist

The U.S. Treasury Secretary is disputing a decision by the European Union to place Guam, and American Samoa, on its blacklist of noncooperating tax jurisdictions. In a letter to EU Secretary General Jeppe Tranholm-Mikkelsen, U.S. Treasury Secretary Steven Mnuchin wrote that “there is no basis for concluding that American Samoa… – Continue reading

Blacklisting looms over different onshore, offshore tax rates – PM

The European Union is reportedly threatening to blacklist Antigua and Barbuda if it does not harmonise its tax rates for onshore and offshore financial services. This is according to Prime Minister Gaston Browne who was speaking in the parliament on Tuesday during the presentation of the Automatic Exchange of Financial… – Continue reading

17 NAMED ON EU TAX HAVEN BLACKLIST

EU ministers have issued the bloc’s “list of non-cooperative jurisdictions for tax purposes”. The blacklist was created following a November 2016 European Council decision–in the wake of the Panama Papers, Luxleaks and other revelations of multinational tax avoidance–to evaluate jurisdictions outside the EU. Territories were judged on “tax transparency”, “fair… – Continue reading

The EU just put 3 Arab countries on a ‘blacklist’ of tax havens

Blacklisted nations may face sanctions. The European Union released its first-ever “blacklist” of global tax havens this week, including 17 territories, three of which are Arab countries. Deemed to fall short of EU tax standards, the United Arab Emirates, Tunisia, and Bahrain joined American Samoa, Barbados, Grenada, Guam, South Korea,… – Continue reading

Bahamas ‘Done Everything Possible’ To Avoid Blacklist

THE Deputy Prime Minister believes the Bahamas has “done everything we could possibly do” to escape the European Union (EU) ‘tax haven’ blacklist that will be issued tomorrow. K P Turnquest told Tribune Business that the Minnis administration “has no reason to think” this nation will be deemed a ‘non-cooperative… – Continue reading

Work Ongoing On EU Tax Blacklist

Work on an EU “blacklist” of non-cooperative tax jurisdictions is proceeding as planned, according to Vice-President Valdis Dombrovskis. Dombrovskis made the comments following a meeting of EU finance ministers, at which the proposal was discussed. Dombrovskis said that finance ministers are calling for an agreement on the list to be… – Continue reading

EU Mulls Tax Sanctions for Countries Branded Tax Havens

Countries that end up on the European Union’s list of tax havens could subject companies operating within their borders to tax sanctions—such as withholding taxes and denied deductions for royalty payments—damaging the businesses’ ability to offset losses in the jurisdictions. Following a March 1 meeting, politicians identified a range of… – Continue reading

EU may blacklist Jersey as tax haven post-Brexit

JERSEY could be left vulnerable to being blacklisted as a ‘tax haven’ by the EU as the UK’s influence in Brussels fades during the Brexit process, a top adviser to the States has warned. Speaking at an Institute of Law seminar on the implications of Brexit for Jersey, Colin Powell… – Continue reading

Bahamas Will ‘Do All It Can’ To Avoid Eu Blacklisting

The Bahamian financial services industry “will do all we can” to ensure this nation does not appear on a threatened European Union (EU) ‘blacklist’, Tribune Business was told yesterday. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, said this nation’s implementation of the Common Reporting Standard (CRS) for… – Continue reading

India removes Cyprus from tax blacklist

Cyprus has been formally removed from India’s tax blacklist and will now not be considered as ‘non-cooperative’ jurisdiction for income tax purposes. The Central Board of Direct Taxes (CBDT) has issued a notification, rescinding it’s executive order blacklisting the island nation from November 1, 2013. Cyprus, a popular tax haven,… – Continue reading

Cayman commits to BEPS rules to counter EU blacklist

Also commits to country-by-country reporting Cayman has committed in principle to a project reforming the application of tax rules in cross-border business to combat the erosion of tax bases and the artificial shifting of profits to low or no-tax jurisdictions. Developed by the Organization for Economic Cooperation and Development, base… – Continue reading

Bermuda dodges EU tax-haven blacklist bullet

Bermuda has reportedly avoided being placed on an European Union blacklist after Britain blocked a French-led proposal that would have automatically branded the island a tax haven. Territories with a zero per cent corporate tax rate, such as Bermuda and the Cayman Islands, would have been denounced as potentially “non-co-operative”… – Continue reading

Cayman may find itself on EU’s ‘non-cooperative jurisdictions’ list

Cayman could find itself on a new EU list of “non-cooperative jurisdictions” in tax matters after the European Council of finance ministers published the criteria for including third countries in the blacklist last week. The provisions emphasize that a jurisdiction “should not facilitate offshore structures or arrangements aimed at attracting… – Continue reading

The ‘extraordinary’ loophole that saw Russia threaten to brand UK as tax haven

Russia has come close to blacklisting the UK as a tax haven as concerns grow over Scotland’s booming offshore business. The Kremlin’s Finance Ministry had announced that it would officially equate Britain with traditional “fiscal paradises” like Panama, the British Virgin Islands and the Caymans. Such a humiliating move would… – Continue reading

Black money: CBDT asks Income Tax department to speed up overseas requests

Officials said the Central Board of Direct Taxes (CBDT) has asked the taxman to send across to it all such cases for exchange of information which are getting “time barred” by March 31. With the current financial year coming to a close soon, CBDT has asked the Income Tax department… – Continue reading