Brussels, November 7: After new revelations from the Paradise Papers, the European Union finance ministers will discuss for creating Europe’s first-ever blacklist of tax haven countries. As the papers have disclosed the wealth which is being earned in an illegal manner by individuals and institutions from around the world.
In Brussels, the monthly meeting of EU Finance Ministers is to be held in which the discussion related to the papers will be held. By the end of 2017, the EU countries are planned for an agreement on a blacklist for tax havens.
According to the local media, The Vice President of the EU’s executive arm, Valdis Dombrovskis said that to fight tax avoidance, the latest revelations put renewed emphasis on the work the European Commission is doing. He further added that Paradise leaks should create a new momentum to reach agreements on our outstanding proposals to fight Tax Evasion and aggressive tax planning.
The Paradise Papers is a document relating to offshore investment that was leaked to a German newspaper and released on 5 November 2017 into the public domain. It is a set of 13.4 million confidential electronic documents which is originated from the offshore law firm Appleby, the corporate services providers Estera and Asiaciti Trust, and business registries in 19 tax jurisdictions.