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Raymond said St. Lucia is not a tax haven and will be off EU blacklist “very soon”

By CMC

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Senator Dr. Ubaldus Raymond

(CMC) – The St Lucia government says it will soon introduce new tax reform measures after the island was included among 17 countries worldwide on a new global list of tax havens by the European Union.

Minister in the Ministry of Finance, Ubaldus Raymond said the new tax rules are likely to be unveiled in the new budget and denied that the island is a tax haven.

Raymond said that Castries has complied with all the requirements of international regulatory institutions and that Prime Minister Allen Chastanet signed the automatic exchange of information in November 2016.

Raymond said the main issue involves a harmonization of taxes which St Lucia is currently working to improve.

“St Lucia and other countries that were blacklisted, I want to make it clear, these were not institutions dodging the agreement or the requirements of these international institutions but it had more to do with the imbalance in the tax regime.

“Fortunately for St Lucia our government, the Prime Minister, Minister of Finance, we have already been engaging our local departments, Ministry of Finance, Inland Revenue Department, in working on a more harmonized tax system.”

Raymond said St Lucia is hoping to be off the European Union tax haven blacklist “very soon,” adding that the island is awaiting official notification of the blacklisting from the European Union.

“I can say safely and very confidently, it will not take long before we are off that list because we are already, as a government, thinking in line of harmonized tax system,” Raymond added.

St Lucia is among four Caribbean Community (CARICOM) countries named last Tuesday in the new list of global tax havens. The other Caribbean countries are Barbados, Grenada, and Trinidad and Tobago.

EU finance ministers said the new list was drawn up after 10 months of investigations by EU officials.

They said the countries on the blacklist were not doing enough to crack down on offshore avoidance schemes.

Potential sanctions that could be enforced on members of the list are expected to be agreed in the coming weeks.

The EU said that as a first step, a letter will be sent to all jurisdictions on the new list, explaining the decision and what they can do to be de-listed.

The other Caribbean islands listed as tax havens have also denounced the EU position and called for their removal as soon as possible.

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10 comments

  1. Raymond your low low bang is on the black list

    (0)(0)
  2. Poor Ubaldus.. Doesn't have a clue as to what he s doing...trying to mislead out nation.. Go ahead and give us a hint of your plans to get off "very soon".. Smh

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  3. Now the cup argument start...

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  4. Tonner Ubaldus this rating has nothing to do with being a tax haven St.Lucia got on the list because of its participation in the CIP tell the people the correct reason and do not divert from the truth CIP will not do any good for St.Lucia and it's ratings.

    (3)(0)
    • CIP is a part of the tax haven because they so called investors get all kind of concessions, tax breaks [eg. OJO Labs, DSH, Sandals and all the foreign investors] and some are even exempted from even paying PAYE. The tax regime favours foreigner business over small local business which creates unfair competition and makes it more difficult for small local business to succeed.

      Do not be fool this is all part of the "race to the bottom".

      (6)(0)
  5. If there's anyone that should be blacklisted is this female predator right there. Why is this man still in office? Why is he still involved in our hard-earned tax money? Get him OUT!

    (13)(7)
    • You should go prosecute him then... Because apparently the crime was only one sided...have you noticed the case has been kept lowkey? Its because she blackmailed him...do you know what law kicks in for such a matter? Go get schooled stop with your hot air...it means nothing..he did something foolish and out of the way especially for a person whom has yied the knot...last i checked you dont get prosecuted for cheating or making a mockery of yourself.

      (0)(6)
      • I agree with the legal part, however it's a matter of principle. Bigger and greater men have been forced to resign for lesser reasons because principles and morals are what keeps a nation together, when you destroy that you get decadence and the foundation falls into chaos. Having this man still where he is shows how low we have sunk. To be honest I don't mind him much, he fits in quite well with this government. Just wish they kept Jimmy too =).

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      • Odd you have the perfect name ODD

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  6. Hope it happens in a timely manner as the girl who got charged for black mail. Its not the lolo tax of 700 this thing is much bigger.

    (8)(3)

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