EU adds 4 jurisdictions to its blacklist of tax havens

The European Union has added four countries and jurisdictions to its blacklist of tax havens.

EU finance ministers decided to add the Cayman Islands, Palau, Panama and the Seychelles to the list of jurisdictions that have not implemented the necessary tax reforms to be in line with EU standards.

The EU has set up the system to sanction those it deems guilty of unfairly offering tax avoidance schemes.

Eight jurisdictions were already listed.

Image Source: AP