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Panama recalls EU ambassador over its inclusion in tax blacklist

Panama recalled its ambassador to the European Union from Brussels after Panama was included in the EU's blacklist of tax havens, the Central American country's government said Dec. 6, Reuters reported.

EU finance ministers on Dec. 5 released a blacklist of 17 jurisdictions regarded as tax havens as part of efforts to counter worldwide tax evasion. The EU ministers, however, have yet to agree on the financial sanctions for the blacklisted countries.

"Given the unfortunate incorporation of the country in this discriminatory list, the Republic of Panama has decided to call its Ambassador to the European Union, Dario Chiru, to assess the steps to be followed moving forward," the government said, according to Reuters.

Besides Panama, the list also included American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates.

The government of the Caribbean islands of Trinidad and Tobago also said Dec. 6 that it would soon take two tax reform bills to parliament. The government hopes their passage would help it get removed from the EU blacklist.