Anxious Ministers and government officials are waiting to hear if they have done enough to avoid the Isle of Man being blacklisted by the EU.

European finance ministers will meet in Brussels on Tuesday next week when the blacklist of tax havens is expected to be approved.

No fewer than 53 jurisdictions have been told they risk being placed on the list.

The Isle of Man is among those that has been considered for inclusion, despite a favourable report from the OECD, which earlier this month again gave us the top ’compliant’ rating for tax transparency.

But critics believe that politics lie behind the blacklist, given Brexit negotiations and the fact that the US, China and all EU member states are excluded from the list.

And it comes as the Isle of Man and other offshore centres come under the international spotlight following the release of the Paradise Papers.

This week, investigative reporters behind the Paradise Papers gave evidence to the European Parliament Committee on tax evasion, PANA.

International Consortium of Investigative Journalists member Kristof Clerix cited the VAT treatment of corporate jets imported into the EU via the Isle of Man.

He said: ’Several stories dealt with the role of the Isle of Man and we would really like the European Parliament to look at this.’

European taxation commissioner member Pierre Moscovici told the PANA commitee: ’Aggressive tax planning is even more shocking because a lot of it is legal.

’If the law allows this, we need to change the law.’

A Manx government spokesman said: ’The Isle of Man has been in close dialogue with the EU Code Group who will make their recommendations to European finance ministers.

’We are expecting a decision on December 5 and as a responsible member of the international community we have made a high level commitment to meet their requirements.’

The island was one of 92 jurisdictions sent an inquiry letter in February following screening by the European code of conduct group on business taxation.

Criteria used for the screening included whether countries have a zero-rate on corporate tax, whether they have harmful tax regimes, comply with the international standards on automatic exchange of information and are committed to the OECD’s base erosion and profit shifting initiative (BEPS).

The Isle of Man has led the way in signing up to automatic exchange and BEPS but we have a zero/10 corporate tax policy.

A total of 53 jurisdictions, of the 92 sent inquiry letters, failed to meet at least one criteria, according to reports.

Last month, Brussels advised 41 countries that they would be blacklisted unless they promised to change their tax rules.

British concerns prompted the EU initially to hold back similar warnings for 12 more jurisdictions including the Isle of Man, Bermuda, and Cayman Islands.

Representatives from all 28 EU member states will need to approve the final list, which is expected to be published at the EcoFin meeting of European finance ministers on December 5.

Meanwhile, Oxfam International said that for the EU blacklist to be effective it should include at least 35 non-EU countries and four EU member states - Ireland, Luxembourg, the Netherlands and Malta.

Oxfam’s list does not include the Isle of Man.

At the PANA hearing, some MEPs suggested the list won’t be credible if it didn’t include those European Union member states that play a huge role as tax havens.

Others claimed the list was being watered down and some countries were ’blocking everything’ and suggested there should be a majority vote.

Mr Moscovici said: ’Commission won’t be able to go along with a list that isn’t serious or where things unravel at the last minute.’

He said the Commission will come up with sanctions not in months, or weeks, but in a ’question of days’.

Penalties could include withholding tax revenues collected by EU states, freezing development funds, and blocking of loans from the European Bank of Reconstruction and Development.

You can watch the PANA committee meeting at http://web.ep.streamovations.be/index.php/event/stream/171128-1500-committee-pana