(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, May 25 (KUNA) -- European Union (EU) economic and finance ministers meeting in Brussels Friday agreed on a standard provision on good tax governance to be included in EU free trade agreements that the EU concludes with third countries (non-EU countries).
The ministers in a statement emphasised the need to prevent cross-border tax fraud and tax evasion, as well as money laundering, corruption and the financing of terrorism.
The new provision reflects developments in international tax standards since a previous standard provision was agreed in 2008, it said.
"Parties will promote good governance in tax matters, improve international cooperation in the tax area and facilitate the collection of tax revenues," noted the statement.
Meanwhile, the EU ministers also agreed to remove the Bahamas and Saint Kitts and Nevis from the EU's blacklist of tax havens.
The EU's list is contributing to on-going efforts to prevent tax fraud and promote good governance worldwide. It was established in December 2017.
"Having fewer jurisdictions on the list is a measure of the success of the listing process," said Bulgarian Minister of Finance Vladislav Goranov whose country currently holds the current EU presidency.
Seven jurisdictions still remain on the EU's tax haven list: American Samoa, Guam, Namibia, Palau, Samoa, Trinidad and Tobago and the US Virgin Islands. (end) nk.mt
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