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EU tax havens scorecard coming

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29th Sep 2016
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The European Union has released a scoreboard of indicators it will be looking into when putting together its upcoming list of non-cooperative tax jurisdictions.

The scoreboard was designed with the purpose of helping the EU identify countries outside of Europe that play a role in facilitating multinational tax avoidance.

Pierre Moscovici, the EU’s commissioner for economic and financial affairs, taxation and customs, said: “We want to have fair and open discussions with our partners on tax issues that concern us all in the global community. The EU list will be our tool to deal with third countries that refuse to play fair.”

The scoreboard will be based on a range of neutral and objective indicators, including economic data, financial activity, institutional and legal structures and basic tax good governance standards.

Additionally this set of indicators presents factual information on every country under three neutral indicators: economic ties to the EU, financial activity and stability factors.

Up to 81 countries have been flagged in this initial round of analysis, including the US, Singapore, Hong Kong, the UAE and Saudi Arabia. The UK’s crown dependencies and overseas territories also scored poorly. At the other end of the scale were countries like Australia, Canada, Iceland, Japan and Norway and they will not undergo further screening.

The full list will be published in March 2017.

Countries marked for screening will be involved and allowed to react to any concerns raised or discuss deeper cooperation with the EU on tax matters.

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