World Economy

EU Names, Shames 17 Countries

EU Names, Shames 17 CountriesEU Names, Shames 17 Countries

The European Union has named and shamed 17 countries on a new tax haven blacklist. But the bloc’s effort to crack down on tax avoidance has come under fire, with no EU member states included on the list, DW reported. European finance ministers adopted the blacklist on Tuesday following months of wrangling and last-minute bids from nations seeking to avoid being named. American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates were all found to be non-compliant with EU standards. An additional 47 jurisdictions were also placed on a newly established “grey list”—a roll call of countries which are also deemed non-compliant, but have committed to changing their tax rules. Propelled by a succession of scandals exposing the practices of firms and individuals seeking to reduce their tax bills, including last month’s Paradise Papers data leak, the EU has stepped up its efforts to fight tax avoidance.

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