BASSETERRE, St. Kitts, May 26. 2018 – AFTER being recorded as a tax haven by the European Union (EU), St. Kitts and Nevis, along with the Bahamas has had that tag removed from its name.
According to a Reuters news report, the two Caribbean islands were removed m the list yesterday.
When a report was first published in March that the federation was being added to the list, Prime Minister, Dr. Timothy Harris among others criticized the listing.
Dr. Harris lashed out the European Union’s process for blacklisting countries, and during a press conference he described the mechanism used to make such determinations as being flawed.
“When one understands what the EU is about. When one understands that these processes are flawed. When one understands the unilateral approach with respect to these, I think the market and intelligent people weigh them and discount them for what they are in reality,” he was quoted as saying by local media house Myvue News.
According to Reuters, the two islands, after the Ministers agreed to the countries placed on a “grey list of jurisdictions with low tax transparency standards”.
The news agency explained that the based on an EU document, the list is one that is aiming to become less opaque.
Dr. Harris during his March press conference noted that, “We anticipate that very soon we will be delisted, and I can’t point, at this particular juncture, to any damage to ourselves, save, of course, we will always want to have the cleanest of reputations”.
Despite the removal of the two countries, seven others remain, including Trinidad and Tobago and the United States Virgin Islands from within the Caribbean.