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Wednesday, 06 December 2017 20:01

PM Responds To T&T Being On EU Blacklist

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The Prime Minister also answered questions relating to this country being blacklisted from the European Union because of this country's non-compliance with good governance principles and measures against tax evasion and tax avoidance.

Addressing the issue in Parliament, Dr. Rowley said the Attorney General will address the matter in the coming weeks. Reports showed this country was one of 17 to be placed on a blacklist of tax havens.

Other Caribbean countries blacklisted include Saint Lucia and Barbados.

EU Tax Commissioner Pierre Moscovici said the blacklist represented "substantial progress", adding: "Its very existence is an important step forward. But because it is the first EU list, it remains an insufficient response to the scale of tax evasion worldwide."

To determine whether a country is a "non-cooperative jurisdiction" the EU index measures the transparency of its tax regime, tax rates and whether the tax system encourages multinationals to unfairly shift profits to low tax regimes to avoid higher duties in other states. 

In particular, these include tax systems that offer incentives such as 0% corporate tax to foreign companies.

Read 2119 times Last modified on Wednesday, 06 December 2017 21:48
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