Belize Rejects Latest EU Designation on Tax Havens

The Briceño administration has rejected a recent European Union designation which places Belize on a list of non-cooperative jurisdictions for tax purposes.  The list which has been adopted by the EU Council was updated earlier today by European finance ministers who also added Antigua and Barbuda, Seychelles [pronounced Seashells] to the blacklist.  They also removed the British Virgin Islands, Costa Rica and the Marshall Islands from the list.  The EU’s rationale is that Belize was assigned a partially compliant rating in the peer review of its compliance with the international standard on Exchange of Information Request published by the Global Forum on Tax Transparency and Exchange of Information back in July.  In rejecting the false designation, the Government of Belize says that the automatic listing on the Annex One list is unjust and procedurally unfair which leads to erroneous conclusions being drawn about the country’s commitment to work with its global partners in establishing a modern and fair international tax framework.  The statement from the Ministry of Finance goes on to say that the EU failed to engage Belize on this matter prior to taking its decision.