You are here: Home » PTI Stories » International » News
Business Standard

EU adds 10 countries, including UAE, to tax blacklist

AFP  |  Brussels 

The expanded its haven blacklist by 10 countries on Tuesday, adding the and despite the objections of powerful member states such as

The list, now 15 countries long, was first drawn up in 2017 in the wake of several scandals, including the Panama Papers and LuxLeaks, that pushed the EU into doing more to fight evasion by multinationals and the rich.

Seven countries are to be moved back from a grey list because reform commitments had not been met. These are Aruba, Belize, Bermuda, Fiji, Oman, and Dominica, an EU statement said.

They are joined by three other countries whose policies have grown more aggressive in the past months. They are Barbados, the and the Islands.

long resisted the addition of the UAE. The powerhouse has recently made significant investments in the economically troubled European country.

had wanted to keep the Emirates on the so-called grey list of countries that have made pledges to get their tax laws in order with a standard set by

"Everything will be solved" when new legislation in passed in the UAE, Italian said.

"The Emirates will come out immediately afterwards," he added.

The operation in "naming and shaming" countries into better tax policies comes only days after a money-laundering blacklist by the EU was torpedoed by the bloc's own member governments after it included

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 12 2019. 19:38 IST