EU

EU

European Union is set to remove eight countries, including Panama, the United Arab Emirates and South Korea, from its seventeen country blacklist of international tax havens.

The blacklist was drawn up in December amid broader EU efforts to double down on tax avoidance but, countries on the list have refused to cooperate with the bloc.

According to an EU memo, the eight countries being delisted, which also include Barbados, Grenada, Macao, Mongolia and Tunisia, have made “new commitments” since December to crack down on tax dodgers.

Meanwhile, the nine remaining blacklisted countries will be American Samoa, Bahrain, Guam, Marshall Islands, Namibia, Palau, Saint Lucia, Samoa and Trinidad and Tobago.