EU Finance Ministers have updated the EU list of non-cooperative tax jurisdictions, based on an intense process of analysis and dialogue steered by the Commission. The list has proven a true success with many countries having changed their laws and tax systems to comply with international standards...
Over the course of last year, the Commission assessed 92 countries based on three criteria: tax transparency, good governance and real economic activity, as well as one indicator, the existence of a zero corporate tax rate. Today's update shows that this clear, transparent and credible process delivered a real change: 60 countries took action on the Commission's concerns and over 100 harmful regimes were eliminated. The list has also had a positive influence on internationally agreed tax good governance standards. Based on the Commission's screening, ministers blacklisted today 15 countries. Of those, 5 have taken no commitments since the first blacklist adopted in 2017: American Samoa, Guam, Samoa, Trinidad and Tobago, and US Virgin Islands. 10 countries were moved today from the grey list to the blacklist following commitments they had taken but not having followed up: Aruba, Barbados, Belize, Bermuda, Fiji, Marshall Islands, Oman, Unites Arab Emirates, Vanuatu and Dominica. Another 34 countries will continue to be monitored in 2019 (grey list), while 25 countries from the original screening process have now been cleared. "The EU tax havens list is a true European success. It has had a resounding effect on tax transparency and fairness worldwide”, saidPierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs. “Thanks to the listing process, dozens of countries have abolished harmful tax regimes and have come into line with international standards on transparency and fair taxation. The countries that did not comply have been blacklisted, and will have to face the consequences that this brings. We are raising the bar of tax good governance globally and cutting out the opportunities for tax abuse." Find a press release and a Q&A online.