Prime Minister, Allen Chastanet, has been responding to news that the European Union has published its first blacklist of tax havens, naming 17 territories including Saint Lucia, Barbados and South Korea.
Chastanet told St Lucia Times that his administration found out about the blacklisting on Tuesday.
“The background to this information is a process, from my understanding, that started about a year ago but really came into heightened attention probably at the end of October,” the Prime Minister, who is also Minister for Finance, Economic Growth, Job Creation, External Affairs and the Public Service, explained.
He noted that the EU is trying to clamp down on what they consider to be competitive tax regimes.
“Being on this list right now – its about us being able to meet with the EU and the OECD and hopefully finding a way in which we can either agree to abolish some of the tax regimes that we have currently in Saint Lucia, or to amend them in order to be able to meet what we call their minimum standards,” Chastanet stated.
He disclosed that Saint Lucia is currently awaiting the letter that accompanies being put on the EU black list.
“Once we get the letter we will then fully understand what are the timelines that are being set out,” Chastanet told St Lucia Times.