European Union governments adopted a broadened blacklist of tax havens on Tuesday, adding the UAE and British and Dutch overseas territories in a revamp that tripled the number of listed jurisdictions. Abir is confident policymakers will act in the best interests of consumers to ensure continued level-playing-field access to our markets claims-paying capital and risk-management expertise..
He described the island's inclusion on the list as a "setback", saying that, while the decision to adopt Tuesday's revised list was approved by all European Union member states, a significant reservation had been expressed by the United Kingdom government. We look forward to a positive result as soon as possible.. They are removed from the blacklist if they commit to reforms. Our collective view is that Bermuda is a leader in tax transparency and compliance and continues to be a great place to do business..
This process has created a framework for dialogue and cooperation with the EU's global partners, to address concerns with their tax systems and discuss matters of mutual interest.
The European Commission has said that the process of blacklisting countries which openly violate the bloc's rules on the transfer of funds is "fair" as improvements to the process have been made, including making public, by publishing the material online, any information that is gathered about money laundering from certain countries.
Keith Robinson, Chair, Society of Trust and Estate Practitioners (STEP) Bermuda, added: "The Bermuda trust industry is well-regulated and Bermuda rightly regarded as a leading trust domicile. In light of this we expect Bermuda, and other compliant jurisdictions, to be removed from the list at the next available opportunity".
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Pierre Moscovici, EU's tax commissioner stated that the blacklisting system is successful because it drives countries to put an end to cases of "harmful tax regimes".
The commission blacklisted American Samoa, Guam, Samoa, Trinidad and Tobago, the U.S. Virgin Islands, Barbados, the United Arab Emirates, Marshall Islands, Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu, and Dominica, it said in a written statement.
Over the course of previous year, the Commission assessed 92 countries based on three criteria: tax transparency, good governance and real economic activity, as well as one indicator, the existence of a zero corporate tax rate.
Asked whether he would lift his veto on UAE listing, he said: "Our opinion does not change but we will take into account the positions of other states", he said, adding that if the UAE was listed, the country would quickly be delisted once its new legislation is adopted.
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