EU to Remove UAE, Marshall Islands From Tax Haven Blacklist

The EU will drop the United Arab Emirates and the Marshall Islands from its tax haven blacklist because they’re outlawing letterbox companies, which are used to shift profits, avoid taxes, and hide the identities of wealthy taxpayers.

Based on a confidential document drawn up by the European Union Code of Conduct Group for Business Taxation, and obtained by Bloomberg Tax, the removal of the UAE and the Marshall Island will take place at the same time that five countries—including Switzerland, Costa Rica and Serbia—will be removed from the EU tax haven gray list. All have been deemed to ...