The EU added the United Arab Emirates to a tax haven blacklist on Tuesday. This is what it means.
The 28-nation European Union set up a tax haven blacklist almost two years ago after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals.. The blacklisted jurisdictions include the Dutch Caribbean Island of Aruba, Barbados, Belize, the British overseas territory of Bermuda, Fiji, the Marshall Islands, Oman, the United Arab Emirates, Vanuatu and Dominica.
Most of the so-called non-cooperative jurisdictions on tax matters are small Caribbean and Pacific islands. These islands mostly rely on tourism and off-shore arrangements that backers consider crucial for global finance. "The UAE remains firmly committed to its long-standing policy of meeting the highest international standards on taxation, including the OECD's requirements, and will continue to update its domestic legislative framework in this regard." Some European Union states opposed the listing even though Tuesday's decision had already been taken.
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