Panama recalls European Union ambassador over tax haven list

Panama recalls European Union ambassador over tax haven list

The EU has blacklisted 17 "tax haven" states as it cracks down on the estimated £506bn lost in avoidance schemes each year.

"Given the unfortunate incorporation of the country in this discriminatory list, the Republic of Panama has chose to call its Ambassador to the European Union, Dario Chiru, to assess the steps to be followed moving forward", the government said in a statement.

Despite welcoming and supporting the EU's move to establish a joint blacklist, Oxfam said the list would lose all credibility if it did not include European Union countries.

WIC News understands that the list will be updated regularly.

Andorra, Armenia, Aruba, Belize, Botswana, Cape Verde, Cook Islands, Curaçao, Fiji, Hong Kong SAR, Jordan, Labuan Island, Liechtenstein, Malaysia, Maldives, Mauritius, Morocco, Niue, St Vincent & Grenadines, San Marino, Seychelles, Switzerland, Taiwan, Thailand, Turkey, Uruguay, and Vietnam.


Is this enough? It seems that even today, some member states such as France, think that jurisdictions should also face some form of sanction.

A measure at the EU level will limit access for listed jurisdictions to the European Fund for Sustainable Development.

"We want this list to be complete and effective". "This list needs to be effective, meaning that it needs to allow us to take sanctions so that those who don't respect rules change their behavior". These include stricter monitoring of transactions and increased audit risks for taxpayers benefiting from the regimes involved, or for those using these jurisdictions' structures. "If countries [implement] them, they won't be part of the tax list".

"There's still a number of countries which entered into commitments as regard to good tax governance and we will be following up [on] those commitments", European Commission Vice President Valdis Dombrovskis told reporters in Brussels on Tuesday ahead of the meeting. "If we see that countries are not implementing the commitments, there is the possibility that they will end up on this tax list". "To avoid getting on the list, a great many nations have already shown to be cooperative", Vandenkendelaere said. Some large companies - including Apple, General Electric, and others - often stash billions of dollars overseas in tax havens, like Luxembourg and the Cayman Islands, so they can effectively defer payment of their taxes.

The EU published its first "blacklist" of tax havens on Tuesday, naming 17 countries including Barbados, Panama, and St Lucia.

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