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The EU has whitewashed two of the world’s most harmful tax havens in today's review of the its tax haven list, says Oxfam.

It is very good news that the European Commission seems ready to finally tackle harmful tax competition inside the European Union, Oxfam said in reaction to a report criticising seven EU member states for their aggressive tax policies. The organisation also welcomed the increased pressure on tax havens greylisted by the EU to make their reform commitments public.

EU Finance Ministers have dropped five of the world’s worst tax havens from the EU 'black' and 'grey' list of tax havens published today.

EU governments are on the brink of agreeing a tax haven blacklist that could ensure corporate tax havens face international sanctions for the first time. This is a welcome move if the list includes objective and comprehensive criteria instead of focussing solely on opacity of tax systems, said Oxfam today.

Today, European finance ministers updated the EU tax haven list. The update includes the blacklisting of three additional countries (Anguilla, Bahamas and Turks and Caicos) and the complete delisting of two countries (Bermuda and Tunisia). 

Panama, the Cayman Islands and the Seychelles have rightly been added to the EU tax haven blacklist. However, the list still proves inadequate, said Oxfam today.

EU finance ministers have decided today to remove eight countries from the EU’s blacklist for tax havens, rushing to take countries off the blacklist without it being clear what they have actually committed to improve.

The criteria adopted by EU Finance Ministers for screening countries over tax abuse will be of little to no use in ending the era of tax havens. 

Banks in France are relying heavily on tax havens to increase their profits, according to a study based on new data that for the first time allows a proper analysis of the role that tax havens play in European business.

Despite EU intentions to crack down on tax avoidance, the European Commission’s Anti-Tax Avoidance Package does not do what it says on the tin, warns Oxfam, and developing countries will feel the EU’s failure most.