UAE regrets inclusion in EU tax blacklist

The United Arab Emirates has slammed a European Union resolution so as to add it to a tax haven blacklist regardless of the Gulf state’s efforts to satisfy EU necessities.
The EU on Tuesday added 10 international locations to the checklist, created in 2017 as a part of efforts to battle tax evasion by the rich. The UAE was among the many new international locations included.
“This inclusion was made regardless of the UAE’s shut cooperation with the EU on this challenge and ongoing efforts to fulfil all of the EU’s necessities,” mentioned an official assertion cited by state information company WAM late Tuesday.
“The UAE stays firmly dedicated to its long-standing coverage of assembly the very best worldwide requirements on taxation,” it mentioned.
The UAE “will proceed to replace its home legislative framework on this regard”, it mentioned.
The EU had included the UAE, the second-largest, most diversified and open Arab economic system, on the preliminary 2017 checklist, however later eliminated it after Emirati officers assured their European counterparts it could meet EU necessities.
Its inclusion on the revised checklist got here regardless of the objections of EU member Italy, a serious vacation spot for Emirati funding.
The UAE assertion argued that it has “shared with the EU an in depth timeline of actions that it’s at the moment implementing in accordance with its sovereign authorized course of and constitutional necessities”. The blacklist was first drawn up in 2017 within the wake of scandals together with the Panama Papers and LuxLeaks, which had pushed the EU into doing extra to combat tax evasion by multinationals and the wealthy.
The most recent resolution additionally moved seven international locations, together with the UAE’s neighbour Oman, again from a gray checklist as a result of reform commitments had not been met.