Chastanet confident of St Lucia’s removal from EU tax blacklist

St Lucia will send a letter to the European Union expressing its commitment to change its tax rules to meet EU demands, Prime Minister Allen Chastanet has said.

The EU wants the island to sign the letter of commitment before discussions can begin on removing the island from a list of nations blacklisted for allegedly facilitating tax avoidance practices.

Once the letter is submitted, St Lucia will then be placed on a so-called “grey list” which is made up of countries that have committed to change their rules on tax transparency and cooperation.

“We are sending that letter again into them to reiterate St Lucia’s position. There is a review committee, I believe, in the early part of February and once the committee accepts St Lucia’s letter, then the process of coming off the list and going into what’s called a grey list starts. And then there’s continued dialogue about what they find offensive and hopefully we could get this thing sorted out,” Chastanet said.

Prime Minister Chastanet said he was confident that St Lucia will removed from the blacklist by the next meeting of the EU review committee.

The EU recently announced that it would remove eight countries, including Barbados and Grenada from the tax blacklist.

EU officials have said the purpose of the blacklist is to convince jurisdictions to become more transparent, according to Reuters.

2 Comments

  1. EN bien bon
    January 30, 2018 at 8:17 pm

    The problem with too many of our politicians is that they do more talking than taking meaningful action on anything. I shake my head realising that instead of all the talk, all the PM Chastanet had to do was to submit that simple letter as indicated in the first two paragraphs in the story. So many other countries (including Caribbean countries) did just that and were removed from the list in quick time. But PM Chastanet had to grand stand before taking a simple action to help the country.

    1. BlackShade
      February 3, 2018 at 7:02 pm

      I think the problem with too many of us is we a too quick to belittle or throw our leader under the bus no matter what for political gains. I am of the opinion that our jurisdictions are being bullied because of our small economic size. Some EU member states has some of the worst tax practice. And I quote form Forbes.com . “The Commission claims its list will help to prevent the sort of large-scale tax abuses revealed by the Paradise Papers and other recent leaks. However, the Commission’s arguments are undermined somewhat by the fact that its vetting exercise did not extend to the bloc’s own member states, even though the likes of Cyprus, Ireland, Luxembourg and Malta have all been accused of being tax havens in the past.” Why isn’t any mainland US states placed on that list when some of them are tax heaven too. I guess because that “loose cannon” will tell them where to shove it. We must sometimes stand in solitary with our leaders no matter what are political affiliation is or in some cases remain silent especially when we are being bullied by our former colonial masters sometimes unfairly so.

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