Set up a tax haven blacklist

MEPs have called for a tax havens blacklist and sanctions against non co-operative tax jurisdictions. The blacklisting procedure should include an escalation provision to allow for dialogue with the jurisdiction in which shortcomings have been identified before punitive measures are taken.

Sanctions against unco-operative jurisdictions should include the ability to review and suspend free trade agreements and prohibit access to EU funds. They should also be put in place for companies banks accountancy and law firms and tax advisers proved to have been involved in illegal harmful or wrongful activities with those jurisdictions.

The European Parliament said sanctions should be imposed on company managers involved in tax evasion. It should also be possible to revoke business licences when professionals are involved in illegal tax planning and evasion schemes. The introduction of financial liability for tax advisers engaged in unlawful tax practices should be explored.

In addition...