SACU commits to support members listed as tax havens by EU

SACU commits to support members listed as tax havens by EU
Photo credits: 
Namibian Presidency

SACU has made a commitment to stand by its member states who are listed as tax havens by offering them the necessary assistance and make sure they are removed from the red flag list.
Namibia and Botswana remain closely monitored by the European Union (EU) after being listed as tax havens.
SACU's Executive Secretary, Paulina Elago says the issue of some SACU member states listed by the EU as non-cooperative jurisdictions was discussed by SACU to share ideas and seek advice on how to assist the listed member states.
The EU has mechanisms in place to asses which countries are not adhering to international tax laws and such countries are declared as tax havens.
The listed countries are forced to go through policy reforms before being removed from the list.
The chairperson of the just ended SACU summit, Mokgweetsi Masisi, has assured the affected countries that the block will remain by their side until the issue has been fully resolved.
Finance Minister, Calle Schlettwein has on numerous occasions said the listing of Namibia is not justified because the country’s tax system is not based on individual residency but rather where the income comes from.
The country, through the Bank of Namibia, monitors cash flows in and out of the country.