Accountants to face higher European Union scrutiny on aggressive tax planning

Accountants to face higher European Union scrutiny on aggressive tax planning

Accountants to face higher European Union scrutiny on aggressive tax planning

'We celebrate with caution because we understand the way the European Union works as far as tax matters are concerned and therefore we will do what we have to do as a jurisdiction, to ensure that we are moved completely off that list, ' he said.

The EU finance ministers (ECOFIN) agreed on a cluster of new rules meant to disrupt cross-border tax avoidance on Tuesday; the decision must now be ratified by the European Parliament.

Ministers also added the Bahamas, the U.S. Virgin Islands and Saint Kitts and Nevis to a blacklist of tax havens, while Bahrain, the Marshall Islands and Saint Lucia were delisted, confirming earlier Reuters reports.

The Channel Islands, the Bahamas, Bahrain and the Cayman Islands are among the jurisdictions who have no corporate income tax.

Last week seven EU member states were signaled out for encouraging tax avoidance by the European Commissioner Pierre Moscovici: Belgium, Luxembourg, Ireland, the Netherlands, Malta, Cyprus, and Hungary.

Ministers agreed to move Bahrain, the Marshall Islands and Saint Lucia from the black to the grey list, after they committed to change their tax practices.

Four other Caribbean states - Anguilla, Antigua and Barbuda, the British Virgin Islands and Dominica - were all added to the grey list after pledging to cooperate with the EU.

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

Raymond told reporters Tuesday that this country has now been put on the EU's grey list.

The SLP had blamed the government for Saint Lucia being put on the European Union black list of tax havens in December 2017.

The initial blacklist included 17 jurisdictions, but after one month eight were removed.

"We call on all jurisdictions on the list to do likewise, and on all those that have already made commitments to implement them in a timely manner,"Â he added".

Once in force, tax intermediaries who provide their clients with complex cross-border financial schemes that could help avoid tax will be obliged to report these structures to their tax authorities.

'If the government had heeded to the calls of the Opposition for immediate action, this could have been avoided, ' SLP leader, Philip J. Pierre said in a statement Tuesday. They were deemed to be already in line with European Union standards against tax avoidance, though anti-corruption activists and lawmakers have repeatedly asked for some European Union members such as Malta and Luxembourg to be blacklisted.