Barbados Criticizes Blacklisting By European Commission
by Mike Godfrey, Lowtax.net, Washington
11 May, 2016
Barbados's Prime Minister, Freundel Stuart, has criticized the European Commission's 2015 blacklisting of Barbados as an uncooperative tax jurisdiction as "unfair and unwarranted."
Stuart said Barbados was surprised at the blacklisting, commenting: "There are reports that in the wake of the so-called Panama Papers, the prospect of another list looms. I trust that this will not materialize and that the European Union has by now recognized that the financial services sector is a vital element of the economies of a number of Caribbean countries, touching their very existence."
"Harm to that sector unleashes a sequel of negative economic and social impacts on our development efforts which cannot easily be repaired, and which undermine legitimate initiatives at alternative options for development to replace those of old."
While criticizing Barbados's blacklisting, Stuart also acknowledged the assistance the European Union has given to aid the development of Barbados and the region.
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