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You can find the current article at its original source at https://www.theguardian.com/world/2017/dec/03/tax-havens-await-eu-blacklist-verdict
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| Tax havens wait to hear if they’ve fallen foul of EU | Tax havens wait to hear if they’ve fallen foul of EU |
| (about 1 month later) | |
| Which jurisdictions will be on the EU blacklist of tax havens? This week the composition of the list will be revealed, but the final number is not yet clear. Finance ministers will decide on Tuesday about the initiative, which was begun earlier this year following multiple disclosures of offshore tax avoidance schemes by companies and wealthy individuals. | Which jurisdictions will be on the EU blacklist of tax havens? This week the composition of the list will be revealed, but the final number is not yet clear. Finance ministers will decide on Tuesday about the initiative, which was begun earlier this year following multiple disclosures of offshore tax avoidance schemes by companies and wealthy individuals. |
| The idea behind listing tax havens is to discourage the setting-up of shell structures abroad which are themselves in many cases legal but could hide illicit activities. There are some 20 jurisdictions on the list, according to reports, but this number could be reduced for political reasons. | The idea behind listing tax havens is to discourage the setting-up of shell structures abroad which are themselves in many cases legal but could hide illicit activities. There are some 20 jurisdictions on the list, according to reports, but this number could be reduced for political reasons. |
| Reuters said last week that after almost a year of screening 92 jurisdictions, EU experts have prepared a draft blacklist of those falling short of EU standards on tax transparency and cooperation. The figure of 20 could drop, however, as EU governments may oppose the inclusion of some jurisdictions. | Reuters said last week that after almost a year of screening 92 jurisdictions, EU experts have prepared a draft blacklist of those falling short of EU standards on tax transparency and cooperation. The figure of 20 could drop, however, as EU governments may oppose the inclusion of some jurisdictions. |
| There has been renewed public pressure surrounding tax avoidance following the publication of the Paradise Papers, which detailed offshore investment by wealthy individuals. Brussels wrote to 41 countries at the end of October informing them that they would be blacklisted unless they promised to change their tax rules. | There has been renewed public pressure surrounding tax avoidance following the publication of the Paradise Papers, which detailed offshore investment by wealthy individuals. Brussels wrote to 41 countries at the end of October informing them that they would be blacklisted unless they promised to change their tax rules. |
| Courts catch up with ‘good-time’ Mallya | Courts catch up with ‘good-time’ Mallya |
| Self-proclaimed “king of the good times” Vijay Mallya is due in court this week amid allegations that he supported his Force India Formula One team with money-laundered cash. | Self-proclaimed “king of the good times” Vijay Mallya is due in court this week amid allegations that he supported his Force India Formula One team with money-laundered cash. |
| An extradition hearing is due to begin on Monday in Westminster magistrates’ court, after the Indian government accused the flamboyant 61-year-old of fleeing to the UK to avoid arrest in relation to £1bn of unpaid debts. | An extradition hearing is due to begin on Monday in Westminster magistrates’ court, after the Indian government accused the flamboyant 61-year-old of fleeing to the UK to avoid arrest in relation to £1bn of unpaid debts. |
| He was first arrested in April following the Indian’s government request for his extradition to stand trial over an alleged debt of 94bn rupees (£1bn) owed to state-owned banks after the collapse of Kingfisher Airlines in 2012. Another charge surrounds allegations that some of the money ended up with the Formula One team. Mallya has denied these allegations and that he has eluded any court. | He was first arrested in April following the Indian’s government request for his extradition to stand trial over an alleged debt of 94bn rupees (£1bn) owed to state-owned banks after the collapse of Kingfisher Airlines in 2012. Another charge surrounds allegations that some of the money ended up with the Formula One team. Mallya has denied these allegations and that he has eluded any court. |
| Once known as the “Branson of Bangalore” for his business and sports empire, which included beer and spirits concerns and an airline, Mallya has been seen being driven around London in a silver Maybach with the initials VJM on the registration plate. The extradition hearing is expected to last for eight days. | Once known as the “Branson of Bangalore” for his business and sports empire, which included beer and spirits concerns and an airline, Mallya has been seen being driven around London in a silver Maybach with the initials VJM on the registration plate. The extradition hearing is expected to last for eight days. |
| It doesn’t look too bad for (retired) millennials | It doesn’t look too bad for (retired) millennials |
| Hold on to your hats – it’s pension week. Several chunky pension reports are expected to be released in the coming days, according to investment advisers Hargreaves Lansdown. | Hold on to your hats – it’s pension week. Several chunky pension reports are expected to be released in the coming days, according to investment advisers Hargreaves Lansdown. |
| First will be the Pension Protection Fund’s 2017 edition of its Purple Book, which details the health of final-salary schemes. Next up is Pensions at a Glance from the Institute for Fiscal Studies and the Organisation for Economic Cooperation and Development, which will look at how the UK compares to other countries in pension flexibility. Finally, the Department for Work and Pensions is expected to publish a review of auto-enrolment to gauge its success so far. | First will be the Pension Protection Fund’s 2017 edition of its Purple Book, which details the health of final-salary schemes. Next up is Pensions at a Glance from the Institute for Fiscal Studies and the Organisation for Economic Cooperation and Development, which will look at how the UK compares to other countries in pension flexibility. Finally, the Department for Work and Pensions is expected to publish a review of auto-enrolment to gauge its success so far. |
| Elsewhere, the pessimism about future financial prospects for millennials was rejected by analysis that said young adults would have retirement incomes similar to today’s pensioners. | Elsewhere, the pessimism about future financial prospects for millennials was rejected by analysis that said young adults would have retirement incomes similar to today’s pensioners. |
| The study, by the Resolution Foundation, found men in their 40s would suffer a fall in their retirement incomes compared with today’s pensioners, but the generation behind them would see incomes recover. It said the average pension for a man would be about £310 a week in 2020, taking into account state and private pensions. This falls to about £285 in the mid-2040s, in real terms, “before building again to about £300 a week by the end of the 2050s”. | The study, by the Resolution Foundation, found men in their 40s would suffer a fall in their retirement incomes compared with today’s pensioners, but the generation behind them would see incomes recover. It said the average pension for a man would be about £310 a week in 2020, taking into account state and private pensions. This falls to about £285 in the mid-2040s, in real terms, “before building again to about £300 a week by the end of the 2050s”. |
| Tax havens | Tax havens |
| Observer business agenda | Observer business agenda |
| European Union | European Union |
| Europe | Europe |
| Pensions | Pensions |
| Force India | Force India |
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