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Dutch add Guernsey, Belize and Isle of Man to tax evasion blacklist

Dutch add Guernsey, Belize and Isle of Man to tax evasion blacklist

The Dutch finance ministry is expanding its official list of places it considers to be involved in tax evasion by a further 16 low tax jurisdictions, including the islands of Guernsey and Jersey, the Isle of Man, and Belize. All the countries on the Dutch list levy a tax on corporate profits of 9% or less, the ministry said in a statement. The additions bring the total on Dutch blacklist to 21.

‘By drawing up our own, tough blacklist, we are showing again that we are serious in our battle against tax evasion,’ junior tax minister Menno Snel said in a statement. ‘And this is just one of the measures we are taking.’

The official EU blacklist of countries considered to facilitate tax evasion comprises five countries as of November 2018: American Samoa, Guam, Samoa, Trinidad and Tobago and the US Virgin islands.

Other measures the Dutch finance ministry plans to introduce to reduce tax evasion through the Netherlands include a tax on royalties and a crack down on the shell company industry. From next year, companies applying for an advance tax ruling will have to have ‘substantial economic activities’ in the Netherlands, rather than just a letter box. In addition, the amount of money flowing through the company must be in line with its activities in the Netherlands.

Source: https://www.dutchnews.nl

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