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Daily Tax Report: International

EU Adds Cayman Islands to Tax Blacklist, Sends U.K. Warning (2)

Feb. 18, 2020, 10:55 AMUpdated: Feb. 18, 2020, 4:44 PM

The European Union has added the Cayman Islands to its tax haven blacklist as the bloc and the U.K. are set to start post-Brexit trade negotiations.

The Cayman Islands—the first British territory added to the list—along with Panama, Palau, and the Seychelles now face financial sanctions and the loss of tax perks offered by EU member states. The EU warned that the jurisdictions hadn’t done enough to address concerns that they were cracking down on tax evasion.

EU negotiators are worried that the U.K. will try to compete with the bloc by setting preferential corporate tax rules.

“This sends...

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