On 4 January, the Cayman News Service reported that the European Parliament is planning a new blacklist of tax havens and the Cayman Islands appears to be at risk. It is said that MEPs believe the removal of Cayman from its list makes a mockery of the concept and, as a result they have voted for new criteria that will see Cayman and other places with zero tax rates on corporate profits blacklisted again. Cayman Islands Ministry of Financial Services officials said that the government will continue engaging with the EU on the issue this year, albeit given the limitations on travel. The MEPs have already adopted a resolution setting out the changes they want to see to make the process of listing or de-listing a country more transparent, consistent and impartial, and also proposes adding criteria to ensure that more countries are considered a tax haven and prevent countries from being removed from the blacklist too hastily.
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