During its meeting of March 12, 2019 the Economic and Financial Affairs (ECOFIN) Council adopted a revised EU list of non-cooperative jurisdictions for tax purposes. By doing so the ECOFIN put 10 jurisdictions (that it had earlier removed) back on the list. The reason here for is that those jurisdictions did not implement the commitments they had made to the EU by the agreed deadline.

 

The 10 jurisdictions that the ECOFIN put on the list are:

·   Aruba (Aruba has not yet amended or abolished one harmful preferential tax regime);

·   Barbados (Barbados has replaced a harmful preferential tax regime by a measure of similar effect and did not commit to amend or abolish it by the end of 2019);

·   Belize (Belize has not yet amended or abolished one harmful preferential tax regime (Belize's commitment to amend or abolish its newly identified harmful preferential tax regime by the end of 2019 will be monitored));

·   Bermuda (Bermuda facilitates offshore structures and arrangements aimed at attracting profits without real economic substance and has not yet resolved this issue (Bermuda's commitment to addressing the concerns relating to economic substance in the area of collective investment funds by the end of 2019 will be monitored));

·   Dominica (Dominica does not apply any automatic exchange of financial information, has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance as amended, and has not yet resolved these issues);

·   Fiji (Fiji has not yet amended or abolished its harmful preferential tax regimes (Fiji's commitment to comply with criteria 1.2, 1.3 and 3.1 by the end of 2019 will continue to be monitored));

·   Marshall Islands (Marshall Islands facilitates offshore structures and arrangements aimed at attracting profits without real economic substance and has not yet resolved this issue (Marshall Islands commitment to comply with criterion 1.2 will continue to be monitored: it is waiting for a supplementary review by the Global Forum));

·   Oman (Oman does not apply any automatic exchange of financial information, has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance as amended, and has not yet resolved these issues);

·   United Arab Emirates (United Arab Emirates facilitates offshore structures and arrangements aimed at attracting profits without real economic substance and has not yet resolved this issue); and

·   Vanuatu (Vanuatu facilitates offshore structures and arrangements aimed at attracting profits without real economic substance and has not yet resolved this issue).

 

Since American Samoa, Guam, Samoa, Trinidad and Tobago and US Virgin Islands were already on the EU list of non-cooperative jurisdictions for tax purposes, as per March 12, 2109 the EU list of non-cooperative jurisdictions for tax purposes consists of 15 jurisdictions.

 

Click here to be forwarded to the full text of the Council’s conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes as adopted by ECOFIN on March 12, 2019.

 

 

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