The Caribbean Association of Banks Inc. (CAB) is deeply concerned about the recent inclusion of Caribbean territories on the European Union Commission’s (EU) list of non-cooperative jurisdictions for tax purposes.
The list names countries which have not displayed sufficient commitment to the tax standards identified by the EU. Blacklisting has debilitating effects on our Caribbean economies, specifically:
Removal from the blacklist requires a high-level political commitment from the affected jurisdictions to address the deficiencies identified by the EU’s Code of Conduct Group. The status of Caribbean Territories as at March 13, 2018 by the OECD are as follows: Annex I (Blacklist): The Bahamas, Saint Kitts & Nevis and Trinidad & Tobago. Annex II (Grey List): Anguilla, Antigua & Barbuda, Barbados, Belize, Bermuda, British Virgin Islands, Cayman, Curacao, Dominica, Grenada, Jamaica, St. Lucia and St. Vincent & the Grenadines. The EU has given the above countries specific time-frames to make high level commitments to address the deficiencies identified by the Code of Conduct group. Some of the deficiencies identified in the various Caribbean jurisdictions are:
The CAB recognizes the efforts of regional governments thus far towards compliance with the OECD Global Forum on Transparency & Exchange of Information for Tax Purposes Standards. Nonetheless, the challenging issue of harmful and preferential tax regimes needs to be addressed. Consequently, the CAB:
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