European Union reveals first tax haven blacklist

John Riva

European Union ministers haggled over a credible blacklist of non-EU tax havens, with about 10 countries including Panama and South Korea in danger of being publicly chastised for facilitating tax evasion.

The EU has struggled for over a year to finalise the blacklist, with smaller, low-tax EU nations such as Ireland, Malta and Luxembourg anxious about scaring off multinationals.

The most recent revelations came in the Paradise Papers, a set of leaked documents that showed how corporations, government leaders and prominent people use offshore accounts to avoid taxes or otherwise hide ownership of assets.

Other jurisdictions are understood to have been given leeway after suffering severe damage during hurricanes in the Caribbean earlier this year.

Unusual Volume Spikes For: The Walt Disney Company (DIS)
This simple numeric scale reads 1 to 5, and it changes brokerage firm Moderate Sell recommendations into an average broker rating. Heathbridge Cap Mgmt reported 240,200 shares or 5.49% of all its holdings. 6,363 are owned by Middleton & Communications Ma.

The list is a result of excessive screening of more third countries before the ministers made up their mind that these 17 non-EU countries will be blacklisted, while another 47 will be included in a separate gray list, to be monitored for their compliance with commitments undertaken. "This list needs to be effective, meaning that it needs to allow us to take sanctions so that those who don't respect rules change their behavior".

This country was also named in the Panama Papers past year. Other states are unwilling to draw up common measures in belief that responsibility is better left to member states.

As the European Commissioner for Tax Pierre Moscovici has repeatedly said during the last period, the list is both dynamic and a way for those countries to forget their bad practices in order to make their way out of this list of shame.

The EU originally screened a total of 92 jurisdictions and once the list is compiled it is expected to be continuously updated. "Given the unfortunate incorporation of the country in this discriminatory list, the Republic of Panama has chose to call its Ambassador to the European Union, Dario Chiru, to assess the steps to be followed moving forward", the government said in a statement.

Black woman artist wins Britain's Turner Prize
The victor of the £25,000 prize was announced in Hull Minster, to mark Hull celebrating its status as UK City of Culture. The jury admired Himid's expansive and exuberant approach to painting which combines satire and a sense of theatre.

The EU is calling on countries with non-transparent tax regimes and structures exclusively created to shield companies' profits from tax to reform their systems.

Explaining the factors that led to the blacklisting of Namibia, Schlettwein said it was simply due to a deadline date miscommunication.

The news comes as the European Union moves to clamp down on tax avoidance by non-compliant countries and discourage the use of shell structures overseas.

Countries in the EU's firing line have been given an opportunity to stay off the list if they provide a political commitment and a detailed plan to comply.

Analyzing US Gasoline Inventories and Demand
US crude inventories dropped by 5.48 million barrels last week, the API said Tuesday, according to people familiar with the data. Oil prices fell on Wednesday as a surprise drawdown in crude inventories was offset by a sharp buildup in gasoline supply.

Related News:

Most liked

Donald Trump's Eldest Son Faces Questions In US Congress About Russia
The 51 pages of written answers were submitted to the Senate Judiciary Committee , according to NBC News . Last month, Trump Jr. shared messages he exchanged with WikiLeaks during the 2016 campaign.

Dallas County Sheriff Lupe Valdez to enter Texas governor's race
Andrew White, son of the late Democratic governor Mark White, is also expected to announce his candidacy in the coming days. Even though she resigned this morning, Valdez will continue to serve as Dallas' sheriff until a replacement is named.

Volkswagen executive jailed for seven years for role in diesel scandal
In August, VW auto engineer James Liang received a 40 month sentence and a $US200,000 ($263,713) fine for his role in the scandal. Regulators in the United States and Europe are investigating other automakers for potential violations of diesel emissions rules.

Wildfire Breaks Out Near Getty Center
Mandatory evacuation orders were issued for homes on Moraga Drive, Linda Flora Drive and Casiano Road down to Bellagio Road. Meanwhile, wildfires continue to ravage Ventura County : "The blaze has consumed 50,500 acres on its journey to the ocean".

Work begins to collect toys for children in need throughout Western Washington
It may not be the North Pole, but the Toys for Tots warehouse in Harford County might as well be. The HomeSlice MediaGroup is hosting its second annual Toys for Tots drive for Pennington County.

London Mayor Sadiq Khan arrives in Pakistan on maiden tour
Khan was received on the Pakistani side of the border by Mayor Lahore Col (retd) Mubashar and senior government officials, Geo News reported.

Osmania University suspends classes after protests on campus, exams postponed
OU vice-chancellor S Ramachandram condoled the sudden death of E Murali as he urged students to maintain peace. Videos have emerged apparently showing the local police barging into the rooms of students and beating them.

The Home Depot, Inc. (HD): Insider Trading and Ownership Analysis
The average Wall Street analyst rating for The Home Depot , Strong Buy, according to the average of 22 analyst scores. Bluecrest Cap Mngmt Limited reported 61,655 shares. $164.29's average target is -10.15% below currents $182.85 stock price.

Wal (WMT) Holder Proshare Advisors LLC Lowered Stake by $7.15 Million
The company's 20-Day Simple Moving Average is measured to be -5.95% with its 200-Day Simple Moving average wandering at 15.21%. Analysts are also projecting an Average Revenue Estimate for Wal-Mart Stores $134.88 Million in the Current Quarter.

Google updates its Search app to help you discover new information faster
Each of the updates revolves around related searches , and offering them in new ways so that users keep on a-clicking. In the update Tuesday, Google said it has added more images and related searches .

Files being held for ransom by hackers
Diorio said other hacker victims decide to pay because the ransom is cheaper than resolving the issue on their own. The county manager isn't sure whether law enforcement has the bandwidth to figure out what is happening.

Steve Alford 'surprised' LiAngelo Ball leaving, defends himself, UCLA
LaVar plans to train LiAngelo for the National Basketball Association , though it's a longshot LiAngelo ever makes the top league. The three players are subject to review for violating the university's student conduct code, which includes a section on theft.

Are McDonald's (NYSE:MCD) Shares Headed North? Jefferies Issues Upgrade
The stock of McDonald's Corporation (NYSE: MCD ) earned "Outperform" rating by RBC Capital Markets on Wednesday, April 26. Ten investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company.

Islamist plot to kill UK prime minister foiled
The report also showed that MI5 could have stopped the Manchester terror attack with the intelligence they had. It was not clear on Tuesday night what stage the plot was in or if any suspects have been arrested.

UnitedHealth to buy DaVita's medical unit for US$4.9 bil
DaVita said it would use the proceeds from the deal with Optum for stock buybacks, debt repayment and other purposes. At the time, HealthCare Partners was the largest US operator of physician groups and networks.