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Caribbean States Appeal To EU Over Tax Blacklisting

by Mike Godfrey, Tax-News.com, Washington

23 March 2018


The Organisation of Eastern Caribbean States (OECS), a grouping of 15 Caribbean territories, says it is working hard through its Brussels embassy to address EU concerns, which have led to a number of its members being included on a tax blacklist.

The EU has included the Bahamas and Saint Kitts and Nevis on a list of non-cooperative tax jurisdictions that have failed to meet certain minimum standards on transparency and exchange of information in relation to financial services. Jurisdictions on the blacklist face EU countermeasures including a ban on EU external development and investment funds being channeled or transited through listed countries.

OECS Chairman and Prime Minister of Saint Lucia, Allen Chastanet, said the loss of preferential market access for bananas and sugar, and a rise in non-tariff barriers for other products, had forced many member states to rely on financial services, and that the EU's latest tax blacklist threatens this revenue source. He added that OECS members are increasingly having to deal with decisions by large countries and multinational bodies, such as the EU, which have the effect of promoting the national interests of these larger entities at the expense of smaller economies.

TAGS: compliance | tax | investment | tax compliance | Bahamas | Montserrat | Saint Lucia | Saint Vincent and the Grenadines | interest | financial services | investment funds | international financial centres (IFC) | Grenada | Virgin Islands | Anguilla | Antigua and Barbuda | Dominica | Martinique | Saint Kitts and Nevis | standards | European Union (EU) | British Virgin Islands | services | Europe | Tax | Tax Evasion | BEPS

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