Mr. Peter Turnquest, Deputy Prime Minister announced in Parliament recently that "The Bahamas is set to be blacklisted as a tax haven by the European Union (EU) next week." More...
But everyone knew this would come. The EU and OECD and the other alphabet soup entities have been doing this to The Bahamas and other tax havens now for decades.
It is a bit of a joke that the European Union could even consider blacklisting countries for tax compliance issues. They have one of the world's largest tax havens on the continent and the EU can be considered a tax haven itself. I understand if you work there or "serve" as a Member of the European Parliament you pay no taxes. What a contradiction.
What it all amounts to is these countries, the US included, do not want to expend the effort to resolve their own tax laws that make people want to preserve what they have earned for their family.
To quote P.J. O'Rourke "Don't Vote, It Just Encourages The Bastards." But in the case of the EU they are an unelected group of people enforcing rules and regulations on countries. We didn't even vote for them!
"For libertarians, who believe in economic and individual freedom and limited government, the tyranny of excessive centralized control by unelected and unaccountable bureaucrats is anathema. It should be resisted as undemocratic and against the interests of a country’s citizens." More...
One thing you can be sure of, comply with this and something else will surface in the near future that the EU is concerned about with tax havens. It's their MO.
