The European Commission has published its blacklist which is part of its Action Plan for Fair and Efficient Corporate Taxation. This Action Plan sets out policies and strategies to “tackle tax avoidance, secure sustainable revenues and strengthen the Single Market for businesses.” The policies include the plan to relaunch the Common Consolidated Corporate Tax Base (CCTB).
British Virgin Islands is among offshore jurisdictions blacklisted by the Commission, other tax havens including Cayman Islands, Guernsey, Anguilla, Bermuda, and some others. Altogether, British Overseas Territories comprise almost 25 percent of the blacklisted jurisdictions.
In the opinion of global tax expert and campaigner for tax justice Richard Murphy, the European Commission’s blacklist shows the UK and its territories are “the biggest tax haven in the EU”, as all the blacklisted territories are linked to the City of London, Europe’s financial hub.