Monday, May 25, 2020
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Netherlands adds Bahamas to tax havens black list

The Dutch government has added The Bahamas and 15 other countries to a tax haven black list, extending the list of five countries currently on the European Union’s (EU) black list.

Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands and the Turks and Caicos Islands were also among the countries added to the Dutch black list, according to an article in the St. Maarten newspaper, The Daily Herald.

According to the article, the countries listed have no corporate tax or use a nominal tax structure to guard against the appearance of tax evasion.

The five countries on the EU black list are American Samoa, the United States Virgin Islands, Guam, Samoa and Trinidad & Tobago.

“Taking things a step further, the Netherlands has placed 16 new countries/islands on its own black list. These are: Anguilla, The Bahamas, Bahrain, Belize, Bermuda, the British Virgin Islands, Guernsey, Isle of Man, Jersey, the Cayman Islands, Kuwait, Qatar, Saudi Arabia, the Turks and Caicos Islands, Vanuatu and the United Arab Emirates. These are all states without a profit tax or a very low profit tax of less than nine percent,” the Herald article notes.

The Bahamas recently introduced legislation aimed at moving this country away from the tax haven stigma and leveling the playing field. The legislation put together by the government and the financial services sector was scrutinized by the EU.

However, Dutch State Secretary of Finance Menno Snel was quoted in the Herald article saying: “By drafting our own strict black list, we again show that we are serious about combating tax evasion. And this is just one of the measures that we are taking.”

The EU is soon set to release its updated black list, which The Bahamas has been diligently moving to avoid.

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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