EU finance ministers will remove eight countries, including Panama, from the bloc’s tax haven blacklist after the nations made commitments to improving their tax policies.
The move from the blacklist to the so-called graylist will be made official during a silent procedure at next Tuesday’s Economic and Financial Affairs Council, an official familiar with the talks told POLITICO.
The countries to be moved are Barbados, Grenada, South Korea, Macau (a Chinese autonomous region), Mongolia, Panama, Tunisia and the United Arab Emirates. The blacklist was adopted by EU member countries on December 5, and included 17 countries which now face restrictions on EU funding or potential investments from the European Investment Bank.
Ministers also finalized in December a list of 47 nations to be included on the graylist, which collects the names of countries that are pursuing reforms to their tax practices so that they can comply with international standards. The tax policies of the eight being moved to the graylist will continue to be monitored by the EU.