The European Union is expanding its blacklist of tax havens. The finance ministers of the 27 have decided to add Panama, the Cayman Islands, the Seychelles and Palau. These territories join the eight jurisdictions already identified (American Samoa, Fiji, Guam, Oman, Samoa, Trinidad and Tobago, the United States Virgin Islands and Vanuatu). “Our citizens expect wealthy and large corporations to pay their fair share of taxes. Any jurisdiction that allows them to avoid this must bear the consequences, ” said Paolo Gentiloni, European Commissioner for the Economy.
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For Panama, it is a step backwards. The country of Central America had managed, with the political support of Spain, to leave this list in March 2019. And this, while the European list was created in 2017 in reaction in particular to the scandal of the Panama Papers. Despite first warning last November, Panama did not carry out all of the promised reforms
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