EU pushes for tax blacklist after leak

EU finance ministers yesterday sought to break resistance against creating Europe's first ever blacklist of tax havens after new revelations from the "Paradise Papers" showed how major firms escape tax.

The 28 members of the European Union have struggled for over a year to finalise a list of non-EU tax havens, with smaller countries such as Ireland, Malta and Luxembourg loath to scare off major firms headquartered in their low tax capitals.

Soon-to-quit Britain has also drawn up resistance, hoping to protect the near zero-tax rates offered in several of its dependencies, such as Jersey or the British Virgin Islands, that have been identified in the series of leaks that also include Panama Papers and the Luxleaks scandal.

The EU move follows similar efforts, notably by the Organisation of Economic Cooperation and Development, which maintains a list of "uncooperative tax havens".