UAE, Bahrain say they'll act to get off EU's tax blacklist

UAE, Bahrain say they'll act to get off EU's tax blacklist:

"The United Arab Emirates and Bahrain expect to be removed from the European Union’s tax-haven blacklist after taking steps to block tax avoidance by companies, the governments of the two countries said on Thursday. Two days ago, EU finance ministers included the UAE and Bahrain on a new blacklist of 17 jurisdictions deemed to be tax havens. Inclusion on the list could affect billions of dollars of capital flows through both countries, which are Middle Eastern banking centers. Countries on the blacklist may no longer be used by EU institutions for international financial operations, and transactions involving them could be subject to closer scrutiny."



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