ECOFIN publishes final tax haven ‘blacklist’, unveils new transparency rules

ECOFIN publishes final tax haven blacklist, unveils new transparency rules

The European Union’s Economic and Financial Affairs Council yesterday added three countries to its “tax haven blacklist” – the Bahamas, St Kitts and Nevis and the US Virgin Islands – and deleted three others, as its efforts to promote greater international transparency continued.

In their meeting, in Brussels, the ECOFIN ministers also agreement on new transparency requirements for tax intermediaries, which it said in a statement were designed to prevent corporate tax avoidance through the use of cross-border schemes.

The new EU requirements will mandate that all intermediaries “such as tax advisers, accountants and lawyers” report to the authorities any tax planning schemes that could be considered to be “aggressive”, while EU member states “will be required to share that information automatically, enabling measures to be taken to block

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