Reacting to the publication of documents of offshore Paradise Papers, France invited partners to stop funding States that give a “tax shelter”. This is with reference to the statement of the Minister of economy and Finance of France Bruno Le Mayor writes Reuters.
Before meeting with colleagues in Brussels a top European official has called for the creation of a “reliable” black list of such countries.
“For example, we think about the possibility of reducing financial support of international institutions such as the IMF or the world Bank, for States that do not provide required information regarding their tax Affairs,” he said.
According to Le Mayor, he will raise this issue at the meeting in Brussels.
According to Reuters, the EU is already more than a year working on establishing a black list that should be, in the idea of the initiators, replace “mostly toothless national lists”. The European Commission now verifies approximately 50 countries that may not comply with EU criteria in the field of tax cooperation. According to officials, the final number will probably be much lower.
The existing list of “tax havens” compiled by the Organization for economic cooperation and development (OECD), a global group of mostly rich countries, is insufficient to counter tax evasion. Now it is only Trinidad and Tobago is an island nation in the southern Caribbean sea.
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