Black List: Panama Tax Pledges To Be Revealed

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The European Commission (EC) has called on the States of the European Union to reveal the commitments that countries such as Panama have made to escape being listed as tax havens, although they do not meet the requirements in the fight against tax evasion.

“I ask all Member States to publish the letters of commitments they have received, said Pierre Moscovici the European Commissioner for Economic Affairs said at a Thursday, Jan.18  press conference.

The community leader urged the Ministers of Economy and Finance of the Twenty-eight countries  to make the decision in the council to be held next Tuesday, which is expected to approve the take out of Panama, South Korea, United Arab Emirates, Barbados, Granada, Macao, Mongolia and Tunisia from its blacklist of tax havens barely a month after approving it.

 

The jurisdictions have submitted commitments to amend their tax regimes, which will allow them to move to a “gray list” in which there are already 47 others that do not meet the Community requirements on fair taxation, erosion of the tax base or transfer of benefits from a territory to another but promised to take action.

Moscovici said that the commitments presented by the eight countries are “welcome” because they show that the blacklist has made some of the countries ” quickly realize that they are interested in cooperating with the EU.”

The 28 EC countries will evaluate by the end of 2018 if the territories that have made commitments comply with them.

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