Panama Celebrates Removal From European Union Tax Blacklist
The update leaves eight non-cooperative jurisdictions on the EU list, which can face sanctions including frozen European Union funds, officials said.
- On Oct 9, the European Union removed Panama from its tax haven blacklist after the nation reformed a "harmful" regime of exemptions for foreign-source income.
- The European Union established this blacklist in 2017 following the Panama Papers, which exposed how global elites concealed assets; Panama remained on the list since 2020.
- Panama secured its removal by implementing significant legal reforms, including making tax evasion a criminal offense and improving tax-information sharing with international authorities.
- Panamanian President Jos Mulino welcomed the decision in a video, calling it a "great victory" that is "opening the door to new investments."
- Eight jurisdictions remain on the updated blacklist, including Russia and Vanuatu, as the European Union continues pressuring nations to meet international tax governance standards.
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52 Articles
The decision was taken by the finance ministers of the European Union during a meeting in Luxembourg.
The European Union decided on Friday to remove Panama and Vietnam from its list of non-cooperative jurisdictions for tax purposes, following progress made by the two countries in complying with international standards. The update brings the number of countries and territories on the European list to eight.
The European Union announced Friday that it withdrew Panama and Vietnam from the European list of tax havens, following progress made by the two countries.
EU finance and economic ministers, meeting for the ECOFIN Council on Friday, decided to remove Vietnam and Panama from Annex I, the list of non-cooperating jurisdictions for tax purposes, after both jurisdictions took significant steps to address unresolved issues, the European Commission, quoted by Agerpres, announced. ECOFIN Council also decided to register ...
The European Union has removed Panama and Vietnam from the blacklist of tax havens. According to the EU, they have made progress regarding compliance with international standards for good fiscal governance.
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