CBC News Barbados

Antigua removed from EU non-cooperative tax list

BRUSSELS, CMC –  The European Union Tuesday removed Antigua and Barbuda from its list of non-cooperative jurisdictions for tax purposes but kept Trinidad and Tobago and Anguilla on that list describing them as countries that do not cooperate with the EU or have not fully met their commitments. “The Council regrets that these jurisdictions are not yet cooperative on tax matters and invites them to improve their legal framework in order to resolve the identified issues,” the European Council in a statement announcing  Antigua and Barbuda’s removal. Antigua and Barbuda was included in the EU list of non-cooperative jurisdictions for tax purposes in October 2023, after a negative assessment from the Organisation for Economic Co-operation and Development (OECD) Global Forum with regard to the exchange of information on request. The EU Council said that following changes to the applicable rules in Antigua and Barbuda, the Global Forum has granted it a supplementary review, which will be undertaken in the near future. It said pending the outcome of this review, Antigua and Barbuda has been included in the relevant section of Annex II, which reflects the ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards. Apart from Antigua and Barbuda, the other Caribbean countries deemed to be cooperative for tax purposes are the Bahamas, Barbados, Bermuda, Cayman Islands, Dominica, Grenada, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines and the Turks and Caicos Islands The EU list of non-cooperative jurisdictions for tax purposes was established in December 2017. It is part of the EU’s external strategy on taxation and aims to contribute to ongoing efforts to promote tax good governance worldwide. Jurisdictions are assessed on the basis of a set of criteria laid down by the Council. These criteria cover tax transparency, fair taxation and implementation of international standards designed to prevent tax base erosion and profit shifting. The chair of the code of conduct group conducts political and procedural dialogues with relevant international organisations and jurisdictions, where necessary. Work on the list is a dynamic process. Since 2020, the Council has updated the list twice a year. The next revision of the list is scheduled for February 2025. Last week, the Trinidad and Tobago government said it has developed a strategy to address the country’s removal from on the EU list of non-cooperative tax jurisdictions. Finance Minister Colm Imbert delivering the 2025 national budget, said that the government is maintaining ongoing dialogue with the OECD Global Forum and the EU on this matter. Imbert told legislators that ensuring compliance with the European Union’s criteria for noncooperative tax jurisdictions is vital for Trinidad and Tobago to uphold its global standing and maintain access to international markets and financial systems. “Adhering to these standards helps us avoid sanctions and penalties that could undermine trade relations, foreign investment and overall economic stability. “Trinidad and Tobago has over time proactively strengthened its tax transparency and regulatory framework, aligning with international best practices. We have improved our tax governance, improved the exchange of information with global tax authorities and addressed harmful tax practices. Our efforts have been guided by the Global Forum and the Organisation for Economic Co-operation and Development,” Imbert added.

CBC News Barbados

Biden postpones foreign travel due to Hurricane Milton

By Kevin Liptak, Sam Fossum and MJ Lee, CNN Washington (CNN) — President Joe Biden will no longer travel abroad this week as a major hurricane speeds toward Florida. “Given the projected trajectory and strength of Hurricane Milton, President Biden is postponing his upcoming trip to Germany and Angola in order to oversee preparations for and the response to Hurricane Milton, in addition to the ongoing response to the impacts of Hurricane Helene across the Southeast,” White House press secretary Karine Jean-Pierre announced in a written statement Tuesday. The statement comes ahead of Biden’s expected remarks this morning on Hurricane Milton’s anticipated impact and ongoing recovery efforts for Helene. Biden’s team had been closely monitoring the storm as the trip approached, with a decision looming on whether to cancel. With just weeks left until Election Day, the politics of managing the storm recovery – with Republicans already having seized on the Biden administration’s handling of Helene – had become a serious flashpoint. There have not yet been any discussions in earnest about when the postponed trip would be rescheduled, another White House official said. All presidents at some point face decisions on canceling foreign travel to tend to matters at home. Trump himself canceled a visit to Poland in 2019 several days before Hurricane Dorian made landfall in Florida. But those decisions come with costs, in the form of missed opportunities and sore feelings for countries eager for a visit from the American president. This week in Germany, Biden was scheduled for a state visit in Berlin – his first as president – on Friday. Biden was also planning to travel afterward to Angola, making good on a promise he made several years ago to visit sub-Saharan Africa as president. Also complicating the decision-making: Biden was planning a major summit while in Germany with the leaders of France, the United Kingdom and other European countries all putting aside time for talks on sustaining support for Ukraine. A four-way meeting between Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron and British Prime Minister Keir Starmer had been on the schedule, according to people familiar with the plans, meaning a cancelation requires smoothing over in multiple capitals. And other NATO leaders were also planning to attend a larger-format gathering of the Ukraine Defense Contract Group, where the main topic of discussion will be sustaining support for Kyiv amid growing war fatigue and an amorphous endgame. The president and top White House officials have grown highly concerned at the spread of disinformation about the federal response to last week’s Hurricane Helene, including falsehoods repeated by former President Donald Trump. One of Trump’s spurious claims has been that Biden and Vice President Kamala Harris are absent from the storm recovery, despite both traveling to affected states. If Biden was abroad after Milton, however, some Democrats worried it could lend credence to what have otherwise been baseless allegations. The White House had appeared aware of the optics of the president potentially being abroad after a catastrophic storm. The decision was hastily made at the last minute – even as of early Tuesday morning, staff had received communications about upcoming travel logistics for later this week, according to a source familiar. Ultimately, the expected damage that Milton appears poised to unleash on a part of the country that only days ago had already suffered devastating losses from Hurricane Helene made it impossible for the White House to move ahead. Biden’s focus in the coming days must remain on storm preparedness and recovery efforts, officials said. “The real hard work comes after the storm,” one senior White House official said. “The days and weeks after the storm – that’s when the federal government is judged most harshly.” Jean-Pierre had said on Monday that the White House was closely monitoring the situation. “The president is monitoring this very, very closely,” she said to reporters. “He’s gotten updates about the hurricane and (is) obviously continuing to get updates on what is happening on the ground as after the horrible hurricane, Hurricane Helene, and so that will continue.” There is little time remaining in his presidency to reschedule. “Three months is not a long time. As you know, that’s going to fly by. That’s going to fly by,” Jean-Pierre said. The-CNN-Wire & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

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