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by pltm
(PLTM) - The BVI has found itself among countries that could end up on the first common European Union blacklist of non-cooperative tax jurisdictions to be released at the end of 2017. The list of the countries was compiled by the European Commission. According to international reports, the European Union’s executive announced on Thursday, September 15, 2016, that it has put together a scoreboard of the EU partner countries, marking them against a number of economic, financial, stability and good tax governance indicators. However, the BVI government responded in a brief statement today, Friday, September 16, stating that it is currently assessing the statements. The BVI in 2015 was included on a pan-EU blacklist of non-cooperative tax jurisdictions. Pierre Moscovici, commissioner for economic and financial affairs, taxation and customs said the list, which the European Commission aims to publish by the end of 2017, will be the EU’s “tool to deal with third countries that refuse to play fair.” He said, “The EU takes its international tax good governance commitments seriously. It is reasonable for us to expect the same from our international partners.” According to reports, many of the EU member states’ national authorities already have their own tax blacklists, but the commission said a common EU list will carry more weight than this current “patchwork”. It is hoped this will prevent aggressive tax planners from abusing mismatches between the different national systems. It was stated that EU member states will now be asked to use the scoreboard to identify countries they believe should be subject to further examination to determine whether they deserve a place on the blacklist. According to the reports, a number of nations widely considered to be tax havens do feature on the list, such as Panama, Hong Kong, Mauritius, a number of Caribbean islands including Belize and Bermuda, and British Overseas Territories like the Cayman Islands and the British Virgin Islands. BVI Responds Meanwhile, in its statement today, the BVI government said, "The government of the British Virgin Islands is currently assessing the details of the European Commission’s pre-assessment work that was published today on the forthcoming list of non-cooperative tax jurisdictions." The statement went on to point out that the government has partnered with international institutions and countries, including the European Commission, the Organisation for Economic Co-operation and Development (OECD) and the United Kingdom in an effort to get the best outcome for the BVI and has consistently said – and shown through action – that the Territory will remain an engaged and active international participant, fully committed to supporting the development of a global regulatory framework which is fit for purpose.
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