TT on new European Union tax haven blacklist

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       Tax avoidance islands off British shores

Among the 17 non-EU tax havens included in the list, adopted by European Union ministers, are Panama, South Korea and the United Arab Emirates.

The UK Independent newspaper said the list was released after a meeting of European finance ministers in Brussels today.

The Island was one of 92 jurisdictions screened by an EU Code of Conduct (Business Taxation) Group (the Code Group) earlier this year which led to what Chief Minister Howard Quayle described as "constructive dialogue".

In an interview with ARKA news agency Nairuhi Avetisyan, the head of a department on global tax and customs relations at the ministry of finance, said Armenia has been in active dialogue with the experts of the Code of Conduct from the European Union's Council, providing them with exhaustive answers to all their questions.

Countries are included on the basis of whether the state gives preferential treatment to companies that lets them move profits to avoid charges.

EU finance commissioner Pierre Moscovici had called for countries to "rapidly adopt a European tax haven list" in light of the Panama Papers revelations, as well as arguing that such a list should be enforced with "credible and meaningful" sanctions.

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