The EU has put 17 jurisdictions on a blacklist: American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, St Lucia, Samoa, Trinidad and Tobago, Tunisia and the United Arab Emirates. However, when contrasting the revelations in the Paradise and Panama Papers about international tax schemes, exposing some of the intricate ways that the world’s wealthy use to evade tax through offshore havens, it quickly becomes apparent that the EU has chosen to target countries with little economic or political weight. Continue reading
The European Consortium for Investigative Journalism has obtained hundreds of thousands of documents identifying owners of more than 50,000 Maltese registered companies, where the effective tax rate offered to non-residents is 5%. The Portuguese weekly, “O Expresso”, published some of the influential names found in these recently disclosed files.