EU updates blacklist of tax heavens, adds 10 jurisdictions

The United Arab Emirates, Oman, Aruba, Belize, Barbados, Fiji, Bermuda, Vanuatu, Marshall Islands, and Dominica have now been added to the list.

In a significant development, the European Union has broadened its blacklist of tax havens and has added ten jurisdictions to the list; it had previously included five.

The United Arab Emirates, Oman, Aruba, Belize, Barbados, Fiji, Bermuda, Vanuatu, Marshall Islands, and Dominica have now been added to the list.

The updation of the blacklist of tax heavens is the largest review since it adopted to do so in December 2017.

The list was drawn up after revelations of widespread tax-avoidance schemes used by corporations and wealthy individuals to lower their tax bills.

Jurisdictions are added to the list if their tax rules enable tax evasion in other states. They are removed if they commit to reforms.

Blacklisted jurisdictions face stricter controls on transactions with the EU, although no sanctions have yet been agreed by EU states.

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