Latest News

CARICOM/Cuba leaders condemn EU tax haven list

Saturday, December 09, 2017

Print this page Email A Friend!

ST JOHN'S, Antigua (CMC) — Cuba and Caribbean Community (CARICOM) leaders have criticised the European Union over its latest list of global tax havens that has included four Caribbean countries.

Earlier this week EU financial ministers named St Lucia, Grenada, Barbados and Trinidad and Tobago among 17 countries worldwide, which they claimed had done little to improve their status as tax havens.

Caribbean countries have in the past been very critical of being included on these lists insisting that they have done everything as outlined by various European organisations like the Organisation for Economic Cooperation and Development (OECD).

Following the sixth CARICOM/Cuba summit that ended here Friday night, the leaders issued a joint statement expressing “deep concern about the inclusion of CARICOM member states in the lists of non-cooperative tax jurisdictions”.

The EU said that the new list was compiled through a three-step process including the pre-selection of 216 countries worldwide using more than 1600 indicators and that all jurisdictions chosen for screening were formally contacted, to explain the process and invite them to engage with the EU. St Vincent and the Grenadines is listed as a jurisdiction with improved fair taxation while Bermuda and the Cayman Islands are listed as jurisdiction which introduced substance requirement.

The EU said that as a first step, a letter will be sent to all jurisdictions on the new list, explaining the decision and what they can do to be de-listed.

But in their joint statement, the CARICOM and Cuban leaders called for a change in the EU practice of listing countries as tax havens saying “this approach …serves to negatively impact the economies of small vulnerable states that have implemented recognized international standards and have demonstrated a commitment to engage in cooperation and dialogue to find solutions that are mutually beneficial.”.




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon