• Costa Rica Coffee Guide

EU expected to remove Switzerland, Costa Rica from tax-haven list

October 4, 2019

The EU is seen likely to remove Switzerland from its grey list of tax havens, according to a document obtained by AFP on Friday.

The move will become effective if finance ministers from all 28 EU member states adopt it unanimously in a meeting in Luxembourg next Thursday.

The grey list has included Switzerland since its launch in December 2017 as the country was deemed as having inadequate tax rules but committed to reforming them.

But now “the necessary reforms have been adopted and published in the (EU) Official Journal and therefore it must be removed” from the list, said the document.

Four other countries are also expected to leave the grey list: Albania, Costa Rica, Mauritius, Serbia and Mauritius.

Costa Rica “committed to amend or abolish their harmful tax regimes covering manufacturing activities and similar non-highly mobile activities by end 2018 and demonstrated tangible progress in initiating these reforms in 2018” and was “granted until end 2019 to adapt their legislation,” according to the Council of the EU.

The United Arab Emirates and the Marshall Islands will be struck from the black list of tax havens.

This would leave only nine countries or territories considered to be  uncooperative on the list: American Samoa, Belize, Fiji, Guam, Oman, Samoa, Trinidad and Tobago, the United States Virgin Islands and Vanuatu.

The 28 EU finance ministers drew up the lists — that followed several scandals, including Panama Papers and LuxLeaks — in the hopes of prodding countries to better combat tax evasion by multinationals and wealthy individuals.

Blacklisted countries face only limited sanctions, consisting of freezing them out of European aid or development funding.

You may be interested

A Guide on How to Save Seeds For Home Gardening
Archive
1105 views
Archive
1105 views

A Guide on How to Save Seeds For Home Gardening

Ed Bernhardt - July 24, 2021

Seed saving is the ultimate challenge for the home gardener. Once you collect and plant your own seeds, you have…

El Salvador seeks arrest of ex-president Sanchez Ceren for graft
El Salvador
7 views
El Salvador
7 views

El Salvador seeks arrest of ex-president Sanchez Ceren for graft

AFP - July 24, 2021

El Salvador's attorney general has issued an arrest warrant for leftist former president Salvador Sanchez Ceren and announced the apprehension…

Whale Watching in Costa Rica
Activities
9 views
Activities
9 views

Whale Watching in Costa Rica

Sarah Jordan - July 24, 2021

Costa Rica is a diverse country of such exceptional wildlife and exotic landscapes where the beauty extends deep out into…

The Tico Times | Top Costa Rica News, Travel, Culture and Sports