EU Is Delisting Eight Jurisdictions Under Its Tax Haven Blacklist

; posted on
January 19th, 2018

The Code of Conduct Group of the European Union proposed to delist eight jurisdictions out of the seventeen from its Non-cooperative Jurisdictions For Tax Purposes, namely, Panama, South Korea, the United Arab Emirates, Barbados, Grenada, Macao, Mongolia and Tunisia.

Background

On December 5, 2017, the Finance Ministers of EU Member States agreed to the first ever EU list of non-cooperative tax jurisdictions, identifying 17 countries failing to meet agreed tax good governance standards (the alleged blacklist) and 47 countries having committed to addressing deficiencies in their tax systems (the alleged grey list). EU member states are not reviewed under the list. The targeted jurisdictions have been informed about this fact and the efforts they could take to be delisted.

Adjustment to the Blacklist

The proposed delisted jurisdictions are to be reviewed by the EU ministers on their efforts in improving tax transparency and international collaboration. Once approved, the eight jurisdictions are to be removed from the blacklist and cast into the alleged grey list, which currently includes 47 jurisdictions in total. Bahrain was also considered at the beginning, but failed to be included in the list. Despite the letter by the US Treasury Secretary to EU Secretary General, the American Islands are not considered in compliance with the EU standards. After the adjustment, the following jurisdictions remain lying in blacklist: American Samoa, Bahrain, Guam, the Marshall Islands, Namibia, Palau, Saint Lucia, Samoa, and Trinidad and Tobago

Sources: Reuters, Jamaica Observer

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