EU Shrinks Tax Haven Blacklist, Removes UK, Dutch Territories

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The European Union removed the British overseas territory of Bermuda, the Dutch Caribbean island of Aruba and Barbados on Friday from the bloc’s blacklist of tax havens, leaving no EU territory still on the list.

The move left 12 jurisdictions on the list, prompting criticism over the EU blacklisting process, which was launched in 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower their tax bills.

The three islands were added to the list in March as they had failed for months to change their tax rules, which the EU deemed at risk of facilitating tax evasion in other countries.

But now Aruba has been removed because it has changed its legislation to make it compliant with EU requirements, an EU statement said.

Read the original article here: uk.reuters.com


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