VI may need to adjust economically to FS challenges – Hon Fahie
He was speaking to members of the media on the 'side-lines' of the First Sitting of the First Session of the Third House of Assembly at the Multi-Purpose Sports Complex yesterday June 23, 2015.
In addition to the France blacklist that came in August of 2013, the European Union recently placed a number of overseas territories of Britain, the United States and France, including the British Virgin Islands and the US Virgin Islands, on a list of 'non-cooperative' countries.
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 on June 17, 2015 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.
VI Gov't surprised!
The Government of the VI in a press statement on Monday June 22, 2015 outlined all of the steps it was taking to ensure compliance internationally in the sector and expressed surprise at the EU’s action and asked what was the methodology used in arriving at its list.
“At the end of the day the elections are over and both sides have to put it away and come together for what’s best for the territory, because there are challenges ahead,” Hon Fahie said, referring to the pressures the financial services sector faces from outside the territory.
He noted that Premier Dr The Honourable D. Orlando Smith is always one to come to the people in a manner that gives hope, “but the reality is while I applaud that we have to prepare our people for the negotiations coming up, if we are not in compliance chances are that they will implement a few things which will create challenges to say the least.”
Honourable Fahie said that, while some of those challenges could be overcomed, his main hope is that people are prepared for what is coming so that they can know how to adjust themselves economically and even socially.
He said that some of these issues are not anyone’s fault at the end of the day and that they are due to international changes on the sector.
Respect District Reps
Turning to another vexing issue, Honourable Fahie said that with the elections being over, he hopes the days of Government circumventing District Representatives are over, especially when those representatives are not from the Government.
“I would hope that the games of trying to circumvent the District Representatives are over and we could get back to respecting District Representatives and not play any games of coming into the district without you as the District Representative,” said Honourable Fahie.
“It seems to me that the only time districts have any real meaning is during elections when you are trying to get votes out of them and most elected persons in the Government in the past have ignored this,” he said.
“Hopefully we have turned a new page and come into a more respectful mode. I know I can’t get all of the things that I want. I am just trying to get the things that the people need. While they have gotten their votes overwhelmingly I also have gotten mine overwhelmingly so it is a balance.”
Hon fahie said as the people voted in the NDP overwhelmingly he has to respect them and could only hope that they do right by the people.
“I have no doubt that all 13 of us want what is best for the Virgin Islands. We might have differences in methodology or political philosophy but I have no doubt that we all want what is best for the Virgin Islands,” said Honourable Fahie.
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