15 Mar 2019
The European Union’s decision to include the United Arab Emirates on its blacklist of tax havens was caused by “lack of communication” between the EU and the UAE government, the head of the UAE Banks Federation said.
European Union governments updated a blacklist of tax havens this week, adding the United Arab Emirates and nine other jurisdictions, tripling the number of listed jurisdictions.
The list was created in 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower their tax bills.
“We need to reach out. I understand the reasons, and I’m sure the UAE will want to play as a global citizen,” Abdulaziz al-Ghurair, the banking group’s chairman, told reporters during a banking conference in Dubai.
– By Davide Barbuscia, Reuters, 13 March 2019.
Link to Reuters
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