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Territory added to EU ‘grey list’

admin — Mon, 20 Jun 2022 17:50:01 +0000

Territory added to EU ‘grey list’

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admin Mon, 06/20/2022 - 17:50

Thursday, March 17, 2022

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Business - The BVI Beacon

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Territory added to EU ‘grey list’

The Virgin Islands has been added to the European Union’s “grey list” along with nine other jurisdictions in the Caribbean and elsewhere, the EU Council announced after its meeting on Feb. 24.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total list up to 25 jurisdictions.

Although the inclusion does not mean that any penalties or sanctions will be levied against the territory, according to the EU, the move represents a significant setback after the territory rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

In a Feb. 24 press release, the EU Council said that the list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteria for the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The organisation called implementation of the list a “dynamic process,” and noted that the next revision is scheduled for October of this year.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist, which remained unchanged after last month’s announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States Virgin Islands, and Vanuatu.

VI response

At a press conference late last month, Premier Andrew Fahie urged onlookers not to view the move as a censure of the territory.

He said the grey-listing meant the VI has “substantially met all international tax standards set out by the EU, but that ongoing improvements are being made to implementing tax good governance.”

As a result, he said, it has been grey-listed while it implements policies and procedures in the territory’s Country-by-Country Reporting framework.

“No defensive measures flow from being on such list and the BVI is still a cooperative jurisdiction,” he said. “Once the BVI meets these commitments, it will be removed from the annex.”

He added that the territory “takes its international obligations seriously” and had already been finalising the necessary steps to ensure successful implementation of the recommendations.

This week, BVI Finance CEO Elise Donovan directed queries to the Premier’s Office. Director of Communications Dr. Arliene Penn said, “BVI’s addition to EU’s Annex II is a positive rating for us because it acknowledges that BVI is a cooperative jurisdiction that has implemented measures (in the case of the Country-by-Country Reporting) in accordance with the high international standards prescribed. The BVI remains highly committed to the transparency and international cooperation agenda.”

The EU has hinted for some time that it would seek to modify its requirements for the list, the latest iteration of which was announced last October.

In February 2021, the European parliament passed a resolution calling for a measure that would automatically blacklist British territories like the VI, the Cayman Islands and the Channel Islands that have a zero percent corporate tax rate — and that now have a weakened voice in the EU in the wake of the United Kingdom’s split from the organisation.

The resolution did not mention the VI at the time, but it came before the revelation that nearly two-thirds of companies named in the far-reaching Pandora Papers investigation last year were based in the VI.

Panama, which is already on the EU blacklist, was host to the second highest number.

World response

Meanwhile, the EU Observer reported late last month that tax-reform campaigners are already applauding the news.

Chiara Putaturo, a campaigner with the non-profit Oxfam, praised the move, but complained that the Cayman Islands was not included.

“If the [new] grey-listing … is confirmed, we will see some real tax havens finally at risk to be blacklisted [in the future],” she said. “However, there are still other tax havens that are left off the hook, … such as the Cayman Islands, because the criteria remain weak.”

History

As in other OTs, leaders in the VI have long criticised the EU’s blacklists as arbitrary and misleading, maintaining that the territory’s financial services industry is tightly regulated in keeping with international standards.

Nevertheless, the VI was grey-listed along with other jurisdictions in 2017. In March 2018, the EU concluded that the VI, the Bahamas and Cayman needed further technical guidance from the EU and had until the end of 2019 to adapt local legislation, which resulted in the Economic Substance Act being rushed through the House of Assembly in late 2018.

Thanks to this move, the VI was white-listed, alongside 16 other jurisdictions, in February 2020.

The post Territory added to EU ‘grey list’ first appeared on The BVI Beacon.

The post Territory added to EU ‘grey list’ appeared first on The BVI Beacon.

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Sue over blacklist, says economist

admin — Mon, 20 Jun 2022 17:40:01 +0000

Sue over blacklist, says economist

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admin Mon, 06/20/2022 - 17:40

Thursday, April 28, 2022

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Business - The BVI Beacon

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Sue over blacklist, says economist

Caribbean countries that live in fear of being blacklisted by the European Union should band together and take legal action, according to Barbados-based economist and Caribbean policy expert Marla Dukharan.

“I felt like there should be some legal recourse that should be pursued collectively,” Ms. Dukharan said on Feb. 23 on the regional livestreamed show “Territories Talk,” hosted by Shaina Smith-Archer, chairwoman of the BVI Chamber of Commerce and Hotel Association.

The EU blacklist often comes under fire in the VI for being a moving target.

Ms. Dukharan said it is also unfair. EU member states such as the Netherlands and Ireland are “well known for their extensive money laundering and tax evading activities,” but have never been included on any EU blacklist, she said.

To her, this suggests Eurocentrism or even racism, and perhaps an effort to undermine countries that are “eating part of their pie,” she said of the EU.

Grey-listed

In February, the territory was added to the EU’s “grey list,” along with nine other jurisdictions in the Caribbean and elsewhere.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total on the list up to 25 jurisdictions.

Although the February inclusion does not mean that any penalties or sanctions will be levied against the territory, the move represents a significant setback after the VI rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

The standards for inclusion on the EU lists have frequently changed, and Ms. Dukharan pointed out that the European Parliament itself has noted problems with the selection process.

In 2021, the legislative body proposed that the tax regimes of EU member states be scrutinised along with the rest of the world and subject to blacklisting if they don’t measure up.

“That tells you that you have a legal leg to stand on, because they, the policymakers, have acknowledged that we are not applying our own standards to our own member states, and that’s not fair,” she said. “Why is it that our countries have not come together, found a law firm that will represent us collectively, and taken them to court over this action?”

Fighting back

She added that even a statement from the Caribbean Community condemning the actions of the EU is simply “not strong enough.”

“I think if all of the countries came together from the Pacific and the Caribbean and agitated and protested, I think that there is a chance,” she said. “For example, if you appeal to the United Nations, you appeal to the World Trade Organisation, somebody is going to hear you. But when each individual little tiny micro state appeals individually, it is just white noise.”

She also recommended that countries that object to the blacklist expel EU ambassadors.

“The second thing I think we need to do is take diplomatic action,” she said.

With changing criteria, she noted, even countries that have satisfied the Financial Action Task Force and Organisation for Economic Cooperation and Development standards still run the risk of being blacklisted.

“But we don’t have the courage to do these things because we are small and we are insecure maybe,” she said.

Current list

In a Feb. 24 press release, the EU Council said that the grey list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteriafor the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The next revision is scheduled for October.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist for “non-cooperative” tax jurisdictions, which remained unchanged after the February announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States VI, and Vanuatu.

The post Sue over blacklist, says economist first appeared on The BVI Beacon.

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BELIZE-POLITICS-Former AG says PM letter borders on defamation

admin — Sun, 19 Jun 2022 18:10:02 +0000

BELIZE-POLITICS-Former AG says PM letter borders on defamation admin Sun, 06/19/2022 - 18:10

Wednesday, June 15, 2022

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Politics – cananewsonline.com

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BELIZE-POLITICS-Former AG says PM letter borders on defamation

BELMOPAN, Belize, Jun 15, CMC – The chairman of th...

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No shortage of essential goods, says Trade Director

admin — Sun, 19 Jun 2022 03:10:01 +0000

No shortage of essential goods, says Trade Director

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admin Sun, 06/19/2022 - 03:10

Tuesday, June 14, 2022

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Local – Dominica Vibes News

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No shortage of essential goods, says Trade Director

Director of Trade Matthan Walter

Trade officials Monday dismissed a video circulating on social media warning Dominicans to brace themselves for a scarcity of essential goods and services as a result of rising prices for petroleum products.

“There is a video recording going around on social media stating that major shipping lines would be grounded in the next two weeks and nobody will be shipping and that there’s going to be a catastrophic effect, not in those words as a result of which many of the products that we consume including rice and sugar will become a difficulty for us in the region,” said Trade Director, Matthan Walter.

“I want to state that this is simply fear mongering,” he said, adding that some of the products named in the video recording “because of the CSME (CARICOM Single Market and Economy) arrangements that we have we import the majority of our rice from Guyana and our sugar also from Guyana”.

He said Dominica has lately been importing sugar from Belize and as a result “our rice and sugar do not come from too far afield”. The CSME allows for the free movement of goods, skills, labour and services across the 15-member regional integration movement with little or no hinderance. This story will be updated.

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#BTColumn – Eye on Russia, Ukraine tensions

admin — Thu, 24 Feb 2022 19:20:01 +0000

#BTColumn – Eye on Russia, Ukraine tensions

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admin Thu, 02/24/2022 - 19:20

Sunday, February 13, 2022

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Barbados Today

Original Article

#BTColumn – Eye on Russia, Ukraine tensions

Disclaimer: The views and opinions expressed by the author(s) do not represent the official position of Barbados TODAY.

by Sir Ron Sanders

Global tension is rising concerning Ukraine, the second largest country in Europe after Russia which it borders. Ukraine was a part of the defunct Soviet union, declaring its independence in 1991 when the Union dissolved.

Should regions, as geographically distant from Ukraine as the Caribbean, care about the hostility that is escalating over it between Russia and the countries of the North Atlantic Treaty Organisation (NATO) which includes the United States (US) and Canada?

The short answer must be yes. Every region in the world would be impacted by a conflict over Ukraine. The Caribbean would be affected by higher prices for oil and gas that would result from Russia cutting off oil supplies to Europe and the consequent competitive bidding in the markets from which Caribbean countries now purchase these commodities.

This would have been bad news for Caribbean economies at any time but, coming in a period when these countries are still struggling to recover from the adverse effects of the COVID-19 pandemic, higher oil and gas prices would plunge many economies into further decline.

There would also be a knock-on effect on the cost of imported goods and services, including food and the provision of vital utilities such as electricity and water.

Beyond the economic and financial impact on the region if oil and gas prices rise, small Caribbean countries which came to independence by exercising the right to self-determination and which treasure their sovereignty and territorial integrity, would have to be very concerned should Russia invade Ukraine to bring it back under Russian control.

Any diminution in the sanctity of these norms of international law would pose a threat to Caribbean Community (CARICOM) states, such as Belize and Guyana, which are faced with territorial claims.

The root of the problem in the Ukraine rests in two things: the belief by the Russian government and especially President Vladimir Putin that Ukraine is, historically, part of Russia; and President Putin’s further conviction that NATO countries wish to use Ukrainian territory as a staging post
against Russia.

Putin had repeatedly said that “we (Russia) are categorically against any further NATO expansion eastwards because it poses a threat to us”.

He adds, “It’s not us who’s advancing to NATO, it is NATO coming to us and its illogical to talk about Russia’s aggressive behaviour”.

In 1991, when Ukraine became independent from the dissolved Soviet Union, it declared itself ‘neutral’. No doubt, it did so, because even then it was wary of Russian ambitions to control its neighbouring states.

Ukrainian concern turned out to be justified when, in 2014, Russia encouraged forces in Crimea to declare it an independent Republic effectively annexing it to Russia.

The Crimea is physically a peninsula of Ukraine where Russia has, traditionally, stationed its Black Sea Fleet at the Port of Sevastopol.

Russia’s annexation of the area appears to have been a response to the Ukrainian government’s attempt to join the European Union (EU) – a move that was seen as a further step to link Ukraine to European countries that are also part of NATO.

In recent years, Russian unease over Ukraine increased over the Ukrainian government’s expressed desire to join NATO, and the latter’s pledge in 2008 to allow it to do so, although no date was set and still does not exist.

Russia has now amassed over 100,000 troops near Ukraine and sent a detachment of warships into the Black Sea. All this has been interpreted by the Ukrainian government, NATO and the Western media as intent by Russia to invade.

Putin appears to have two objectives: the first is to stop Ukraine from joining NATO and the second is to limit the expansion of NATO to include any countries other than its present membership. For their part, leading NATO nations, including the US have made it clear that they will not negotiate NATO’s membership with Russia.

Thus, the standoff continues, and tensions heighten amid recent efforts from NATO leaders to engage Russia in a dialogue. An encounter between the Russian and British Foreign Ministers was summed-up by the Russian as “a mute talking to a deaf perso”. And a visit to Moscow by French President Emmanuel Macron for talks with Putin showed no sign of a solution. Russian-US talks also proved unproductive.

The danger of the Caribbean region being thrust into this row became evident when Sergei Ryabakov, who led the Russian delegation in a meeting with US officials on January 12, said he would not confirm or exclude Russia sending “military assets” to Venezuela and Cuba. US National Security Adviser, Jake Sullivan, described the Russian statement as “bluster”.

Bluster or not, the Caribbean cannot ignore events surrounding Ukraine – a country with which all CARICOM countries have diplomatic relations as they do with Russia and the NATO member states.

Considering contingency arrangements for oil and gas supplies – and their prices – is one thing that Caribbean governments should be collectively considering.

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BELIZE-TRADE-CDB launches Belize trade programme

admin — Wed, 23 Feb 2022 04:30:02 +0000

BELIZE-TRADE-CDB launches Belize trade programme admin Wed, 02/23/2022 - 04:30

Friday, February 11, 2022

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Business – cananewsonline.com

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BELIZE-TRADE-CDB launches Belize trade programme

BELMOPAN, Belize, Feb 11, CMC –Belize has undersco...

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Caribbean Development Bank President’s Inaugural Visit to Belize

admin — Tue, 22 Feb 2022 17:10:01 +0000

Caribbean Development Bank President’s Inaugural Visit to Belize

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admin Tue, 02/22/2022 - 17:10

Monday, February 7, 2022

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Business – The Bajan Reporter

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Caribbean Development Bank President’s Inaugural Visit to Belize

Strengthening trade, innovative financing, advancing agriculture and building economic and climate resilience will be among the issues on the agenda when Dr Gene Leon, President of the Caribbean Development Bank (CDB) leads a high-level mission to Belize starting this morning. During the week-long visit, a series of meetings will be coordinated with a cross sector of interests in private and...

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St Lucia PM Covid-19 positive

admin — Tue, 22 Feb 2022 03:30:01 +0000

St Lucia PM Covid-19 positive admin Tue, 02/22/2022 - 03:30

Friday, February 11, 2022

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Searchlight

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St Lucia PM Covid-19 positive

Prime Minister Phillip J. Pierre of St Lucia has tested positive for the coronavirus (COVID-19), according to a statement issued by the Office of the Prime Minister (OPM) on Wednesday.

It said that as part of the protocols established by the OPM, Pierre, who came to office following the July 27, 2021 general election, underwent a routine PCR test.

The statement said that in keeping with the public health protocols, Pierre is isolated and will continue working from home.

Pierre is the latest CARICOM leader to test positive for Covid. Belize’s Prime Minister John Briceno and Trinidad and Tobago’s Prime Minister, Dr Keith Rowley had also tested positive. (Nationnews)

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St Lucia PM Covid-19 positive

admin — Sun, 20 Feb 2022 15:50:01 +0000

St Lucia PM Covid-19 positive admin Sun, 02/20/2022 - 15:50

Friday, February 11, 2022

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Searchlight

Original Article

St Lucia PM Covid-19 positive

Prime Minister Phillip J. Pierre of St Lucia has tested positive for the coronavirus (COVID-19), according to a statement issued by the Office of the Prime Minister (OPM) on Wednesday.

It said that as part of the protocols established by the OPM, Pierre, who came to office following the July 27, 2021 general election, underwent a routine PCR test.

The statement said that in keeping with the public health protocols, Pierre is isolated and will continue working from home.

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Lady Tridents in good spirits

admin — Thu, 17 Feb 2022 23:40:01 +0000

Lady Tridents in good spirits

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admin Thu, 02/17/2022 - 23:40

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NationNews Barbados — nationnews.com

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Lady Tridents in good spirits

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A confident senior Barbados women’s football team will leave the island this morning en route to Panama to begin their qualifying campaign for the 2022 Concacaf W Championship.

The Lady Tridents are drawn in a competitive Group D of the qualifying round with Panama, Belize, Aruba and El Salvador.

Head coach Mario Harte has enlisted the services of 23 of the country’s finest female footballers to battle against home team Panama on February 17 and versus Aruba in the Dominican Republic on February 22.

While the Lady Tridents’ performance in their two-game series in Suriname last month was admirable and important for Harte’s selection plans, supporters will be thrilled with the return of experienced players like Soraya Toppin-Herbert, Keinelle Johnson, Ashanee Thompson and Rianna Cyrus. (NM)

Full team: Kamillah Burke, Tamisha Marshall, Rhea Holder, Ashanee Thompson, Soraya Toppin-Herbert, Marissa King, Makela Alleyne, Tiffany White, Daphne Watson-James, Shonelle Stephen, Adrienne Forde, Alyssa Yard, Moesha Goodman, Tanija Maughn, Rianna Cyrus, Brittany Branker-White, Keinelle Johnson, Danielle Whitehall, Kerisha Catlyn, Tiana Bynoe, Cheyanna Burnett-Griffith, Acacia Small, Rayna Cummins.

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