Previous post Next post

Switzerland’s “harmful tax regime” gets it on EU grey list

© Kevkhiev Yury | Dreamstime

This week EU Finance ministers came out with a list of countries it thinks don’t measure up to its definition of good tax behaviour.

There are two categories: blacklist and so-called “grey list”. Black is bad and grey is heading toward good, but not yet there. Switzerland is on the “grey list”.

To stay off the list, countries must have fair tax rules, which are defined as not offering preferential measures or arrangements that enable companies to move profits to avoid levies, combined with sufficient transparency.

Numerous countries avoided classification. EU member countries were excluded. If they had been Oxfam reckons Ireland, Luxembourg, the Netherlands and Malta would have been on the list.

Eight Caribbean countries, Anguilla, Antigua and Barbuda, Bahamas, British Virgin Islands, Dominica, Saint Kitts and Nevis, Turks and Caicos Islands, US Virgin Islands, were excluded because they are dealing with hurricane clean up. Oxfam reckons most of these countries qualify for the list.

The 17 countries on the black list include: American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, the Marshall Islands, Mongolia, Namibia, Palau, Panama, St Lucia, Samoa, Trinidad & Tobago, Tunisia and the UAE.

Countries on the “grey list” include: Switzerland, Turkey and Hong Kong.

Switzerland is listed under nations with “harmful tax regimes” committed to amending or abolishing the problem elements by 2018.

Because the list comes with no sanctions, critics say it will have little effect. According to the FT, Sven Giegold, a member of the european parliament, said “As long as the Council cannot agree on common sanctions against listed tax havens, the blacklist will be toothless.”

 

Full story here
About Investec
Investec
Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa and Australia, as well as certain other geographies. Investec’s strategic goals are motivated by the desire to develop an efficient and integrated business on an international scale through the active pursuit of clearly established core competencies in the group’s principal business areas.
Previous post See more for 3) Swiss Markets and News Next post
Tags: ,

Permanent link to this article: https://snbchf.com/2017/12/investec-switzerlands-harmful-eu-grey/

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.