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Tuesday, 8 November 2016

#UAE faces tax haven blacklist threat from G20

UAE faces tax haven blacklist threat from G20:

"The United Arab Emirates is at risk of being put on a tax haven blacklist unless it promises to help other countries track down evaders, experts say, amid growing fears about the use of the Gulf state as a conduit for illicit flows.

The UAE has yet to sign up to a treaty facilitating the exchange of information on tax evaders and is a “source of concern”, said an official at the OECD group of wealthy nations.

In recent years, Dubai and the smaller emirates within the seven-member federation have thrived as tax havens, officials and activists say. Thousands of companies are registered in the UAE’s free zones, benefiting from extensive tax breaks and lax residency rules that make it easier to escape international financial scrutiny."



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