CaribPR Wire, CASTRIES, St. Lucia, Thurs. Mar. 22, 2018: 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 of March 13, 2018 by the OECD are as follows:
The EU has given the above countries specific timeframes 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 and Exchange of Information for Tax Purposes Standards. Nonetheless, the very challenging issue of harmful and preferential tax regimes needs to be addressed.
Consequently, the CAB:
The CAB is a community of banks and other financial institutions in the Caribbean Region, which proactively influences issues impacting the financial services sector through advocacy, education and networking. The CAB represents fifty-three (53) banks and financial institutions in the Caribbean with an asset base in excess of US$40 billion as at Dec 31, 2017, in addition to seventeen (17) Service members comprising regional and international technological and professional institutions and three (3) Honorary Members. For more information see www.cab-inc.com/
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