Five Pacific Islands are included in the European Union’s (EU) first blacklist, which names 17 tax havens, including American Samoa, Guam, Marshall Islands, Palau and Samoa as “non-cooperative jurisdictions for tax purposes”.
Another 47 countries who are on a watchlist, promise to change their tax rules to meet EU standards. These countries include Hong Kong, Jersey, Bermuda, Cayman Islands, Switzerland and Turkey.
How companies and individuals hide their wealth in offshore accounts around the world from tax authorities, was revealed when the Panama Papers and Paradise Papers were leaked prompting the EU to do something about tax evasion.
EU tax commissioner Pierre Moscovici said substantial progress is being made with the blacklist.
“Its very existence is an important step forward. But because it is the first EU list, it remains an insufficient response to the scale of evasion worldwide.”
To determine which countries made the list, the EU index measured the
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