In a symbolic measure, it was included European Union On Tuesday, Russia is on its blacklist of tax havens, as the decision comes at a time when Moscow is already under economic sanctions over its invasion of Ukraine.
A union statement included that Russia’s 2022 tax legislation had failed to allay concerns about its murky handling of international holding companies’ tax affairs.
“In addition, dialogue with Russia on tax matters has been suspended in the wake of Russia’s aggression against Ukraine,” the European Council noted.
In addition to Russia, the British Virgin Islands, Costa Rica and the Marshall Islands were also included in this list, which now includes 16 entities.
Four countries deemed by the European Union to have improved their performance have been removed from an appended list of countries subject to scrutiny, namely North Macedonia, Barbados, Jamaica and Uruguay.
“We ask all listed countries to improve their legal framework and work towards compliance with international standards in the tax process,” Swedish Finance Minister Elisabeth Svantsson said.
Countries on the tax evasion list are not eligible to seek assistance from some EU funds, and EU member states are required to conduct a special audit of individuals and companies registered with their tax authority.
France 24/AFP