The Caribbean Community (CARICOM) has refuted the recent labeling of some of its member states by the European Union (EU) as non-cooperative tax jurisdictions, said its top representative, Irwin LaRocque.
Barbados, Grenada, Saint Lucia, and Trinidad and Tobago, are on the negative list of 17 countries circulated recently by the international organization based in Brussels, the Secretary-General recalled.
All those nations, in addition to Samoa, Bahrain, the Non-Self-Governing Territory of Guam, South Korea, the Macao Special Administrative Region, the Marshall Islands, Mongolia, Namibia, Palau, Panama, Samoa, Tunisia and the United Arab Emirates will face related punitive measures with foreign policy, economic relations, and cooperation such as development, he lamented.
Bridgetown, St. George, Castries, or Port of Spain, are not marked in the same way by the relevant regulatory fiscal authorities such as the International Financial Action Group, LaRocque argued, nor for the Global Forum of the Organization for Economic Cooperation and Development, (OECD), a body composed of 35 states, he said.
He emphasized that the EU decision is unilateral and exceeds international standards of tax transparency and accountability.
He said that CARICOM is ready to discuss the issue with the European Council because the measure has a detrimental impact on the commercial and financial operations of the bloc.