UNITED STATES (OBSERVATORY NEWS) — The European Union is preparing to give Turkey extra time to ensure transparency and openness in taxation in accordance with EU requirements, so as not to get into the black tax list. This was reported on Wednesday by Reuters, citing sources in the diplomatic circles of Brussels.
The EU does not want to add Turkey to the blacklist of tax havens “for political reasons,” one of the agency’s sources noted, and therefore agrees to give more time to change the tax regime.
According to Reuters, Ankara was supposed to pass laws to automatically exchange tax information with the EU by the end of 2019. A second source told the agency that now the deadline could be extended until the end of 2020.
The black and gray lists of EU tax havens were created in 2017 as a result of large-scale tax scandals of previous years, such as the Panama Dossier or the Luxembourg Dossier, when the media leaked information about hundreds of offshore accounts and companies of politicians and businessmen around the world (which for some reason, almost did not contain data on US citizens) who used offshore to evade taxes.
Currently, eight states and territories remain on the black list: US Virgin Islands, American Samoa, Guam, Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
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