The EU removes 8 Jurisdictions from its tax blacklist
On 23 January 2017, EU finance ministers announced they will delist Barbados, Grenada, South Korea, Macao, Mongolia, Panama, Tunisia, and the United Arab Emirates from the EU’s tax haven blacklist.
These jurisdictions will still be subject to close monitoring, as they have been moved to a separate category of jurisdictions.
The Economic and Financial Affairs Council declared that its decision was justified by the commitments made by these jurisdictions to tackle the shortcomings pointed out by the EU. Those commitments have been assessed by an expert and backed with letters signed by high-level politicians.
Nine jurisdictions remain on the initial list announced on 5 December 2017: American Samoa, Bahrain, Guam, the Marshall Islands, Namibia, Palau, Saint Lucia, Samoa, and Trinidad and Tobago. Those countries are encouraged to make the changes still requested of them.
The EU tax haven blacklist will be revised at least once a year, but the working group responsible for its preparation can recommend an update at any time.
Vladislav Goranov from Bulgaria, the current holder of the Presidency of the Council of the EU, declared: "Our listing process is already proving its worth. Jurisdictions around the world have worked hard to make commitments to reform their tax policies. Our aim is to promote good tax governance globally."