EU places VI on financial services blacklist
The EU Commission said the 30 nations were blacklisted because they were ‘not doing enough’ to crack down on tax avoidance by individuals and multinational companies. The listing was published as the EU announced plans to combat corporate tax avoidance by companies.
Pierre Moscovici, the EU Economic Affairs Commissioner, said these “tax havens” cover the five continents and called on the affected countries to quickly adopt “agreed international standards” to fight against tax evasion. He also described the listed jurisdictions as the EU’s “top 30” non-cooperative nations, based on the fact that they all featured on at least 10 ‘blacklists’ of EU member states.
The blacklisted countries are: Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, [British] Virgin Islands, Cayman Islands, Grenada, Montserrat, Panama, Saint-Vincent and the Grenadines, Saint Christopher and Nevis, Turks and Caicos Islands, U.S. Virgin Islands, Andorra, Guernsey, Liechtenstein, Monaco, Liberia, Mauritius, Seychelles, Brunei, Hong Kong, Maldives, Cook Islands, Nauru, Niue, Marshall Islands and Vanuatu.
Efforts to get a comment from the Premier’s Office were not successful at the time of publication.
VI still struggling to get off France blacklist
The announcement comes at a time when the Virgin Islands is still struggling to get off the blacklist imposed by France in 2013. Financial Secretary Neil M. Smith had said in April that France is pleased with the Virgin Islands on a technical level but work still needed to be done to get the territory off the blacklist.
Governor of the Virgin Islands John S. Duncan OBE had in November 2014 told this news site that as far as he is aware, the French government was at that time allegedly satisfied that the complaints they had about speedy response from the Territory regarding financial services have been addressed.
Further, he said he believes that the blacklist by France of the Territory's financial services was unfair.
Honourable Julian Fraser RA (R3) had rejected the assertion by the National Democratic Party (NDP) that the Virgin Islands Party Government was responsible for the blacklist on the territory, citing that the French sanctioned the VI in 2013, two years after the VIP left office. However, the NDP countered, claiming that the issues raised by France came up during the 2007 to 2011 administration of the VIP.
EU stepping up its game
On Wednesday the European Commission revealed an action plan targeted at closing loopholes and organising tax rules to prevent big multinational companies from shirking their tax-paying duties in the European Union.
The proposals include common corporate tax rules and ending sweetheart deals. However, they could face serious opposition from wary member states. A similar proposal which was discussed four years ago, was met with fierce opposition by a number of governments which considered a step as an infringement on their sovereignty.
Any changes to EU tax rules would require unanimous approval by all 28 nations.
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31 Responses to “EU places VI on financial services blacklist”
Last time I checked the same persons were heading the Financial Service Commission and Ministry of Finance under both NDP and VIP. Why not blame THEM. Its their job to keep us off such lists.
Hmmm Where is the rightful place for balck people? Where do we belong and who is WE? Negro Las.
These 'small' jurisdictions should ALL with one voice should say, 'ENOUGH OF THIS BULLYING TACTIC'.
Government retired me because of an injury they give me a release letter that my service is no longer needed within the department but god never slumber nor sleep but time will tell
I do not know the extent of your problem.but if you were injured and cannot perform your
duties efficently then there is no other option to medical board you and get some one that
can perform the job properly.At least you were given a retirement package.
they rejoicing when they should be crying
look where the bvi gone
what a mash up
Is only now I seeing post for VIP lol where them at to post about in house fighting yourl go sit down these things happen all the time the bigger heads want ruel the lil man while dem more of same %^&* we are not alone
Do all of you realize that you still live in the BVI and if you don't shut up! We are the ones that will be affected as this crap goes south. So VIP NDP who cares!!!! Our little nation is at risk cause everyone wants what we have potentially going for us. Only we can't see it and on here bashing.
BTW Fraser is not capable of handling theses matters. That's my opinion unless I hear and see him propose otherwise!!
Hire Allen Wheatly as a consultant!! Don't let him have access to The p**se but, he knew what he was doing then and I'm sure he still has the know how or suggestions on how to go about handling such matters. We need an aggressive, intelligent team to combat this. Julian Johnson, Allan Wheatly, the Faulkner dude, Mrs. Fraser any other suggestions along with Neil Smith an Mr. Mac, we got the brains right here to get of and off these list and strengthen these beautiful islands!! We are the best contrary to popular belief!!!