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.
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.
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
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):