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EU set to add USVI to tax haven blacklist; VI on grey list!

- Bahamas, St Kitts & Nevis & T&T among other jurisdictions to be blacklisted
The US Virgin Islands (USVI) is set to be added this week to a European Union blacklist of tax havens, raising to nine the number of jurisdictions on it, according to Reuters. Photo: Huffington Post
According to an article published by Reuters on March 9, 2018, the Bahamas, St Kitts and Nevis and Trinidad and Tobago are also set to be blacklisted by the European Union as non-compliant tax havens. Photo: Reuters
According to an article published by Reuters on March 9, 2018, the Bahamas, St Kitts and Nevis and Trinidad and Tobago are also set to be blacklisted by the European Union as non-compliant tax havens. Photo: Reuters
ROAD TOWN, Tortola, VI- The European Union (EU) is at it again, trying to damage the reputation of legitimate financial services industries of certain small countries, while failing to screen its own EU jurisdictions.

According to an article published by Reuters on March 9, 2018, the Bahamas, the US Virgin Islands (USVI) and St Kitts and Nevis are set to be added next week to a European Union blacklist of tax havens, raising to nine the number of jurisdictions on it.

This is according to an EU document that Reuters claimed to have seen.

It said the decision, taken by EU tax experts, is set to be endorsed by EU finance ministers at a regular monthly meeting on Tuesday March 13, 2018, when the 28 EU governments are also expected to delist Bahrain, the Marshall Islands and Saint Lucia.

“As a result of both moves, the blacklist would maintain nine jurisdictions deemed to facilitate tax avoidance. The other six are American Samoa, Guam, Namibia, Palau, Samoa and Trinidad and Tobago.”

VI on grey list!

The document, prepared by EU officials and dated March 8, 2018 also adds Anguilla, [British] Virgin Islands, Dominica and Antigua and Barbuda to a so-called grey list of jurisdictions which do not respect EU anti-tax avoidance standards but have committed to change their practices.

The grey list includes dozens of jurisdictions from all over the world.

Blacklisted jurisdictions could face reputational damage and stricter controls on their financial transactions with the EU, although no sanctions have been agreed by EU states yet.

“Those who are in the grey list could be moved to the blacklist if they do not honour their commitments, according to Reuters

Caribbean islands hit by hurricanes last year were given more time to comply with EU tax transparency standards when the bloc’s blacklist was established in December.

Countries ‘delisted’

Earlier this month, EU experts decided to propose the delisting of Bahrain, the Marshall Islands and Saint Lucia, a document dated March 2, 2018 showed.

According to Reuters, that attracted criticism from anti-corruption activists who called for disclosure of the commitments made by the delisted jurisdictions. “These engagements remain secret.”

The initial blacklist included 17 jurisdictions, but after one month eight were removed. They were Barbados, Grenada, South Korea, Macau, Mongolia, Tunisia, the United Arab Emirates and Panama. That move was also widely criticized by some EU lawmakers and activists.

Panama’s delisting caused a particular outcry as the EU process to set up the tax-haven blacklist was triggered by publication of the Panama Papers - documents that showed how wealthy individuals and multinational corporations use offshore schemes to reduce their tax bills.

Interestingly enough, according to Reuters, EU countries were not screened. “They were deemed to be already in line with EU standards against tax avoidance, though anti-corruption activists and lawmakers have repeatedly asked for some EU members such as Malta and Luxembourg to be blacklisted.”

20 Responses to “EU set to add USVI to tax haven blacklist; VI on grey list!”

  • USVI? (12/03/2018, 11:28) Like (8) Dislike (0) Reply
    This must be a print error. USVI cannot possible be on the blacklist. For God sake they have the IRB and the U.S. internal revenue service has jurisdiction there, along with DOJ, U.S. Tax Courts etc.
    • US (12/03/2018, 12:56) Like (5) Dislike (0) Reply
      Is the US on the blacklist (Delaware and many more states).

      Also US TX code us set up as a tax gave. For wealthy Corporations and yet.....
    • Jaypun (12/03/2018, 15:44) Like (5) Dislike (1) Reply
      I was thinking the same thing, the US is the most regulated country in the world, how could it go on the Black List? other countries follows the US policies.. must be definitely misquoted or a misprint
      • Longshanks (13/03/2018, 13:57) Like (0) Dislike (0) Reply
        The US is the world's leading tax haven. Look at Delaware, Nevada and South Dakota. To give you a clue as to how this happens, they impose regulations on people like us (FATCA) but that doesn't apply within the US.
  • wize up (12/03/2018, 11:55) Like (15) Dislike (8) Reply
    poor black people; when you think you overcame the physical slavery( the cotton picking and the cane cutting days) along economic slavery(you doing far better than master anticipated)...we on all manner of list “blacklist” and gray list
  • Sure bet (12/03/2018, 12:40) Like (8) Dislike (0) Reply
    Now watch the USVI tell them go #@€k themselves.
  • Yes (12/03/2018, 13:55) Like (0) Dislike (0) Reply
    Well its about
  • watcher (12/03/2018, 15:24) Like (2) Dislike (7) Reply
    Someone needs to start a blacklist of states that rob their citizens blind and waste the money on craziness like trying to reduce the worlds temperature and paying people more not to work than to work. The EU would be right there at the top.
  • this can be so (12/03/2018, 15:43) Like (10) Dislike (6) Reply
    because the European countries are realising that most of the Caribbean islands or their dependent s are finding ways of been independent and perhaps doing better than them now and wants to reap what they have not sown. perhaps they want to take us back in the times of absentism indentured labour and the dreadful triangular trade. it is over now that kind of storm perhaps repatriation is sending in a state of brokeness
    • @This can be so. agreed. (13/03/2018, 04:17) Like (5) Dislike (2) Reply
      U hit the nail on its head. Their objective is to stain the names of the countries that doing well. It was an European Article two months ago that said St Kitts is the real Paradise, Heaven on Earth. Noe they set out to damage its image. The same way people envy each other and pull each other down countries do the same to other countries... Remember that.. Envy Jealousy is real...
      • jokes (16/03/2018, 09:29) Like (1) Dislike (0) Reply
        Ha! Ha! You got some paranoid, humourless jokes!
        Your case is that the EU is jealous of St. Kitts because someone somewhere called St. Kitts "Heaven on Earth"? So the second largest trading bloc in the world made up of 27 national and millions of souls, actually bothers to make up blacklists to stain the name of islands like St. Kitts and us. because it make them feel better about themselves.

        I mean ........ it seems humans will do anything to convince themselves that up is down and the sky is beneath the sea if it justifies their own blind greed.

  • Just saying (12/03/2018, 15:52) Like (1) Dislike (0) Reply
    All grey-listed islands were hit by IrMaria
  • cw (13/03/2018, 00:21) Like (0) Dislike (3) Reply
    they must be mixing up BVI and USVI
  • Blacklist (13/03/2018, 03:41) Like (1) Dislike (3) Reply
    So all these countries are being BLACKlisted, get it ...BLACKlist...this is not a coincidence. There's a reason it's called blacklist and its not good. We are more regulated than most of the member countries that created this BLACKLIST!!!
  • EU Full a Shea (13/03/2018, 04:06) Like (4) Dislike (1) Reply
    Once people with power can't control you they always use their power to spite, oppress and stain your name..These Countries did nothing wrong. The leaders put their people first. That's what EU and Trump is doing looking out for their people. They don't care about other people. When they black list you its a testimony of strong leadership they cannot control.
  • BLACKsoEvile (13/03/2018, 10:45) Like (0) Dislike (0) Reply
    Take exception with the Idea of how the world BLACK is used!!
  • then which (13/03/2018, 15:20) Like (0) Dislike (4) Reply
    countries are on the white list as it seems as everything today is either black or white. Black Panther blacklist blackout white paper white house and the list go on.When will the racism idioms end? Father come for your world as you don't care whether we are red yellow black or white as we are all precious in your sight.
  • Josiahsbay (14/03/2018, 00:01) Like (0) Dislike (0) Reply
    We are not responsible for EU citizens who choose not to pay their taxes and we have a right to our economical survival.
  • Quite Obviously (14/03/2018, 13:07) Like (0) Dislike (0) Reply
    This is an attack on Trump. Trump puts tariffs on the EU and coincidentally, the USVI is suspect? Yeah...right.

    Notice how we get on and off the blacklist depending on how the UK pleases the EU. They're pissed the UK is leaving so they blacklist us but now they have bigger dragons to slay, they're backing off.

    Europeans think they slick but they ain't. We see their jedi mind tricks.

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