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Report: EU considers putting 11 countries on tax blacklist

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Report: EU considers putting 11 countries on tax blacklist

The European Union is set to name up to 11 countries on its blacklist of tax havens and possibly impose sanctions on them for failing to align their tax standards with the EU, the latest draft of proposals obtained by Bloomberg News showed.

The list of jurisdictions, which is set to be approved by EU finance ministers at a meeting in Brussels on Dec. 5, includes South Korea, Panama, Tunisia, and the United Arab Emirates, as well as Barbados, Cabo Verde, Grenada, Macao, the Marshall Islands, Palau and St. Lucia.

The final list could still change depending on the ministers' decision and will be updated at least once a year. Countries which have pledged their commitment to tax transparency measures will be monitored, said the Bloomberg report.

Some countries, including France, have proposed that the jurisdictions on the list should also face some form of sanction. The EU ministers are expected to discuss the countermeasures that could be applied at the EU or national level. These could include the freezing of EU funds, reported Bloomberg.