Brussels has recently expressed a desire for Europe to initiate a tax haven blacklist due to the Paradise Paper’s revelations of numerous tax loopholes, which include the likes of Nike, Apple as well as well known celebrities such as the Formula One Champion Lewis Hamilton.
Recently, it has been found out that the technology giant transferred tens of billions of dollars from low-tax Ireland, when Dublin enforced more stringent laws in 2015, to the Channel Islands in Britain.
However, wanting to minimise one’s taxes is not exactly illegal, the findings from the 13.4 million leaked documents highlight that the U2 singer Bono and Her Majesty Queen Elizabeth II are amongst the figures involved.
The EU has found it difficult to finalise a blacklist of non-EU tax havens list with low-tax nations such as Malta, Luxembourg and Ireland hesitant to scare businesses away.
And so, the EU ministers will work together to create an official list of unwanted tax havens in December by minimizing last year’s previous list of 92 countries.