EU removes three territories from tax blacklist
The European Council has confirmed that Aruba, Barbados, and Bermuda are to be removed from the EU’s list of non-cooperative tax jurisdictions.
The original list was announced in December 2017 and contained 17 jurisdictions. A number of amendments to the list, including moving countries onto the “grey list” of jurisdictions cooperating with the EU to reform their tax policies, meant that there were only five countries remaining on the blacklist at the start of this year. However, in March, the Council tripled the list to include 15 countries.
Aruba, Barbados, and Bermuda were not on the original blacklist but were moved from the grey to the black list in March.
The European Council said that Barbados has made commitments at a high political level to remedy the EU’s concerns regarding the replacement of its “harmful” preferential regimes. Meanwhile, the EU Council said Aruba and Bermuda have implemented their commitments, and Bermuda remains committed to addressing EU concerns regarding collective investment funds.
Barbados and Bermuda will be moved to the grey list, and Aruba will be removed from both lists.
The blacklist now contains the following 12 jurisdictions: American Samoa, Belize, Dominica, Fiji, Guam, Marshall Islands, Oman, Samoa, Trinidad and Tobago, United Arab Emirates, US Virgin Islands, and Vanuatu.
Source: Low Tax