The Treasury on Wednesday took 21
countries off one of it black lists for tax havens.
Cross-border transaction costs with countries on the black
list can't be deducted for tax purposes by Italian companies, so
the move is designed to boost trade by loosening criteria for
black listing.
Italy will no longer put countries on its black list for
having taxes that are deemed "too low", but will keep countries
that do not allow adequate information exchange with Italy on
the list.
The 21 countries are Alderney (Channel Islands), Anguilla,
the Antilles, Aruba, Belize, Bermuda, the British Virgin
Islands, the Cayman Islands, Costa Rica, Gibraltar, Guernsey
(Channel Islands), Herm (Channel Islands), the Isle of Man, the
Turks and Caicos Islands, Jersey (Channel Islands), Malaysia,
Mauritius, Montserrat, the Philippines, Singapore, and the
United Arab Emirates.
Remaining on the black list are Hong Kong, Liechtenstein,
the Maldives and Seychelles, and Switzerland.
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