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EU to remove UAE from tax haven list
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YEREVAN, OCTOBER 4, ARMENPRESS. European Union finance ministers are set to remove the United Arab Emirates (UAE) and Switzerland next week from the bloc’s lists of countries deemed to be acting as tax havens, an EU document said, Reuters reported.
They will however continue to blacklist three U.S. territories.
The 28-nation EU set up a blacklist and a grey list of tax havens in December 2017 after revelations of widespread avoidance schemes used by corporations and wealthy individuals to lower their tax bills.
The Pacific archipelago of the Marshall Islands will also be removed from that list, an EU document said.
Blacklisted states face reputational damage and stricter controls on transactions with the EU.
