Macedonia

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

Original Publisher

Business - The BVI Beacon

Original Article

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.

Caribbean

Business

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

Original Publisher

Business - The BVI Beacon

Original Article

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.

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

Caribbean

Business

TikTok unveiled as EURO 2020 sponsor

admin — Sat, 13 Feb 2021 08:20:01 +0000

TikTok unveiled as EURO 2020 sponsor

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admin Sat, 02/13/2021 - 08:20

Saturday, February 13, 2021

Original Publisher

Nairobi News

Original Article

TikTok unveiled as EURO 2020 sponsor

Short-form mobile video app TikTok has agreed to be the Global Sponsor of UEFA EURO 2020. It is the first time a digital entertainment platform has sponsored a major football tournament in Europe and both parties have announced the partnership represents an exciting step for both TikTok and UEFA. Through its partnership with UEFA, TikTok is looking to cement its reputation as the home for football fans to share their passion for the game. As an official partner, TikTok will provide a place where fans can follow their favourite football content creators, share the best TikTok football content, and create their own special moments, reactions, and celebrations around the tournament. "TikTok is fast becoming a place where people can enjoy a new type of experience for the beautiful game, as more and more football organisations, teams and players jump on our platform to engage directly with fans. We're delighted to be partnering with UEFA EURO 2020 and bring the spirit and passion of this tournament to its fans on TikTok," said Rich Waterworth, General Manager UK & EU at TikTok said As a Global Sponsor, TikTok will work with UEFA to launch a range of exciting features including AR effects, Hashtag Challenges, TikTok LIVEs and Sounds, in order to bring surprise and joy to its community. UEFA will also give TikTok access to its huge library of historic assets to develop highly engaging and innovative content. Guy-Laurent Epstein, marketing director of UEFA said: "Over the coming months, we are really looking forward to working closely with TikTok in order to provide fans globally, with a unique and innovative UEFA EURO experience, which will give them the opportunity to connect and share their passion around one of the world’s premier sporting events.” The UEFA European Football Championship will be held in 12 cities in 12 UEFA countries, was originally scheduled to take place from 12 June to 12 July 2020. On 17 March 2020, UEFA announced that the tournament would be postponed by a year due to the COVID-19 pandemic in Europe, and proposed it take place from 11 June to 11 July 2021, which was confirmed on 17 June 2020. Portugal are the defending champions of this event that has attracted nineteen other teams namely Turkey, Italy, Wales, Switzerland, Denmark, Finland, Belgium, Russia, Netherlands, Ukraine, Austria, North Macedonia, England, Croatia, Scotland, Czech Republic, England, Croatia, Scotland, Czech Republic, Spain, Sweden, Poland, Slovakia, Hungary, France, and Germany.

Africa

News

Panicky Mnangagwa gives nod to controversial Covid-19 drug

admin — Tue, 02 Feb 2021 20:50:01 +0000

Panicky Mnangagwa gives nod to controversial Covid-19 drug admin Tue, 02/02/2021 - 20:50

Tuesday, February 2, 2021

Original Publisher

The Zimbabwe Independent

Original Article

Panicky Mnangagwa gives nod to controversial Covid-19 drug

HARRIET CHIKANDIWA/RICHARD MUPONDE

JOLTED into action by the tragic loss of four ministers, President Emmerson Mnangagwa’s administration has approved mass importation of anti-parasitic drug Ivermectin to battle Covid-19.

Covid-19 cases and deaths ballooned exponentially since the beginning of the year. The country has so far recorded over 32 300 positive cases and 23 687 recoveries.

A total of 300 new cases and 23 deaths were recorded on Wednesday. Zimbabwe has lost 1 122 people to the virulent contagion to date.

In a letter to the Medicines Control Authority of Zimbabwe acting director Robert Rukwata, Health and Child Care acting secretary Robert Mudyiradima said while the government had a critical obligation to protect patients, it could not “deny them effective treatment regimes” in these difficult times of Covid-19.

“It is in this regard that authority is granted for you to proceed under Section 75 of the Medicines and Allied Substances Control Act to allow importation and use of these medicines under supervision and guidance you outlined,” Mudyiradima wrote.

“Ivermectin can be evaluated for both treatment and prophylaxis (prevention).”

Covid-19 has claimed four government ministers, Perrance Shiri, Ellen Gwaradzimba, Rtd Lt-General Sibusiso Moyo and Joel Biggie Matiza while Rtd Brigadier-General Collen Moyo; former ZPCS Commissioner-General Rtd Major-General Paradzayi Zimondi; and other Zanu PF bigwigs also succumbed to the dreaded virus.

Moyo, Matiza and Zimondi were interred at the national heroes’ acre on Wednesday at an unprecedented triple burial presided over by the Acting President Constantino Chiwenga, who is also Health and Child Care minister.

Recently, a prominent medical practitioner, Jackie Stone stirred controversy in the medical fraternity after prescribing Ivermectin, Doxycycline and Nano Silver as Covid-19 therapy, reportedly despite lack of clinical evidence for safe use.

Other medical practitioners said her prescriptions were “a worrying combination of therapy for patients with SARS-CoV-2 infection and Covid-19”.

The Medical and Dental Professional Council of Zimbabwe also wrote a letter of complaint about Stone’s behaviour to the Medical and Dental Professional Council of Zimbabwe registrar Josephine Mwakutuya last week, demanding a review of her fitness to continue practicing.

Stone, who has been prescribing Ivermectin to her patients, said her current focus was to get it regularised. She said if the use of the drug was delayed further, it would cause 75% unnecessary Covid-19 deaths.

Zimbabwean doctors, who are at the forefront of fighting Covid-19, also wrote to the Health ministry seeking permission to use Ivermectin and Nano Silver to treat Covid-19.

In a letter dated January 24, 2021, to the Health ministry secretary Jasper Chimedza by the College of Primary Care Physicians of Zimbabwe, the physicians claimed to have successfully used Ivermectin together with Nano Silver, with good results.

“We feel comfortable using this drug which has been around for 40 years on the WHO essential drugs list and has an excellent safety profile. We understand that it was currently not registered in Zimbabwe, but we fill out section 75 forms for non-registered drugs all the time in the course of our practice,” part of the letter signed by 23 local doctors read.

One of the medical professors who complained about Stone’s prescriptions, Rashida Ferrand yesterday said testing of Ivermectin under government regulation was not a problem.

“Testing with regulation is appropriate,” Ferrand said

The Employers’ Confederation of Zimbabwe (Emcoz) also wrote to Chiwenga seeking authorisation of Ivermectin for prevention and treatment of Covid-19.

“There is increasing evidence that the anti-parasite drug Ivermectin has the potential to improve outcomes for patients affected by Covid-19. It also protects or prevents infection of both high risk individuals such as healthcare workers and those exposed to contacts of persons infected with Covid-19,” reads a letter dated January 18, 2021, by Emcoz vice-president Demos Mbauya.

He further claimed that evidence showed that the veterinary vaccine could reduce the need for hospitalisation of Covid-19 patients and shorten healing time.

Mbauya said while there were veterinary and human formulations of Ivermectin, their proposal referred only to the human version of the vaccine. Over three billion doses have already been administered worldwide.

“The medicine is on the World Health Organisation (WHO) list of essential medicines and it won the Nobel Prize in 2015 for its beneficial impact on humanity. The medicine has an excellent safety profile and most of the side-effects associated with the use of Ivermectin are side-effects resulting from the body eliminating the parasites that have been killed by it,” he said.

Following diligent efforts of physicians associated with a United States group – Frontline Covid-19 Critical Care Alliance, the US’ National Institute of Health last week recommended the “miraculous” drug Ivermectin, making it an option in treating Covid-19.

The United Kingdom has also approved the use of the drug, according to The Times.

Last week in South Africa, a group of doctors, clinicians, pharmacists, public health specialists and scientists interested in exploring the potential of Ivermectin to prevent and treat Covid-19 lodged an application with the SA Health Products Regulatory Authority seeking permission for doctors to prescribe the drug to patients.

According to the doctors, Ivermectin has been approved for use at provincial level in Argentina, at State level in India and country level in Belize and Macedonia, while possible use was being explored in the US and Australia.

Africa

News