The European Council points out that the country does not meet the required standards and also reprimands the British Virgin Islands, the Marshall Islands and Costa Rica
In its fight against tax evasion, the European Union (EU) has updated its list of non-cooperative countries for tax purposes. So far, the bloc has included twelve jurisdictions in this category, to which four have now been added: Russia, the British Virgin Islands, Costa Rica and the Marshall Islands. The European Council regrets this decision and calls on the countries on this “black list” to improve their legal framework to solve the “problems they present”.
Sweden’s finance minister, Elisabeth Svantesson, has defended the community institution’s decision and asked these regions to “work towards the enforcement of international tax rules”. He also congratulated North Macedonia, Barbados, Jamaica and Uruguay for meeting the EU’s requirements and being removed from this list.
The new additions to this document respond to the fact that these four regions have “failed to engage in constructive dialogue with the EU on tax governance or to fulfill their commitments to implement necessary reforms”, according to the European Council communication. The Twenty-Seven demand “tax transparency, fair taxation and the application of international standards.” In the case of Russia, the institution points out that the country has not fulfilled its commitments to disclose the harmful aspects of its special regime for holding companies (also known as parent companies).
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
