Date
29 March 2017
Hong Kong has been included in an EU list of non-cooperative jurisdictions on issues related to tax evasion. Photo: Bloomberg
Hong Kong has been included in an EU list of non-cooperative jurisdictions on issues related to tax evasion. Photo: Bloomberg

Hong Kong on EU list of tax havens

The European Union has named Hong Kong as one of the international territories and countries that are not cooperating in efforts to fight tax avoidance.

In a list published for the first time, Hong Kong was included along with Brunei as being among the tax havens in Asia.

They join Monaco, Andorra and Guernsey in Europe, and a series of Caribbean havens, including the Cayman Islands and British Virgin Islands in the list of the world’s 30 worst-offending tax havens, Agence France-Presse reported.

“We are today publishing the top 30 non co-operative jurisdictions consisting of those countries or territories that feature on at least 10 member states’ blacklists,” EU Economic Affairs Commissioner Pierre Moscovici was quoted as saying at a news conference Wednesday.

The publication of the blacklist was a “decisive step” that would “push non co-operative non-EU jurisdictions to be more co-operative and adopt international standards”, Moscovici said.

The list was announced alongside more substantive plans for reforming the way in which multinationals are taxed across the EU.

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CG/RC

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