Trinidad and Tobago has been named as one of 17 tax haven countries by the European Union. On Tuesday, the EU released its first ever tax haven
Trinidad and Tobago has been named as one of 17 tax haven countries by the European Union.
On Tuesday, the EU released its first ever tax haven blacklist.
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 abroad.
According to a report by the Independent, blacklisted countries face sanctions and could lose access to EU funds.
The list of countries named include: American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates.
A further 47 jurisdictions were also included in a grey list.
Bermuda, the Cayman Islands and the Isle of Man have been placed on a list of those who have committed by the end of 2018 to reform their tax structures.
This latest move by the European Union follows the release of the Paradise Papers last month which revealed the offshore interests of hundreds of high-profile companies and individuals, including Trinidad and Tobago.
This country was also named in the Panama Papers last year.
The Panama Papers is an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca.