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Belize blacklisted by European Union as a tax haven

By on June 18, 2015
European Union flag

European Union flag

Belmopan, Belize. Thursday, June 18, 2015. Belize has been blacklisted by the European Union as a tax haven for multinational companies that the EU says is using to avoid paying taxes.

Belize is among a group of thirty countries that has been so blacklisted by the EU.

According to a report in the Jamaica Observer newspaper, the European Union’s tax watchdog yesterday unveiled a plan for tackling corporate tax avoidance and ending the practice of sweet deals for multinational companies.

The blacklisted countries, according to the EU are not doing enough to crack down on tax avoidance.

The list ranges from Belize to Panama, European principalities like Monaco to Hong Kong and Pacific nations like Vanuatu.

The European Union’s top tax official is urging the blacklisted countries to move quickly to adopt agreed international standards to fight against tax evasion.

The plan aims to make sure that multinationals pay taxes where they generate profits, that tax rules in one country do not penalize others, and that honest businesses don’t lose out to unscrupulous competitors.

The EU blacklist is made up of countries that figure on at least 10 national lists of tax havens compiled by the 28 member nations.

Half the countries are from the Americas.

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