EU drops Switzerland, UAE from list of tax haven nations

Oct. 11 (UPI) -- The European Union removed Switzerland, the United Arab Emirates and four other nations from its lists of countries it says act as tax havens, attracting criticism from anti-poverty organizations.

The EU made the announcement Thursday, stating the countries had passed necessary reforms to comply with the EU's tax good governance principles.

Albania, Costa Rica, Mauritius and Serbia were also removed from the tax haven lists, it said.

The EU established the grey and black list system on Dec. 5, 2017, in order to promote good governance to prevent tax avoidance, fraud and evasion, it said.

Read more: https://www.upi.com/Top_News/World-News/2019/10/11/EU-drops-Switzerland-UAE-from-list-of-tax-haven-nations/7201570777590/