BRIDGETOWN, Barbados– Barbados and Grenada are among eight jurisdictions have been removed from the EU’s tax haven blacklist released late last year, following commitments made at a high political level to remedy EU concerns.
The two Caribbean Community (CARICOM) nations, along with the Republic of Korea, Macao SAR, Mongolia, Panama, Tunisia and the United Arab Emirates have been moved from the list of non-cooperative jurisdictions for tax purposes, to a separate category of jurisdictions subject to close monitoring.
The European Union said in a statement today that the Council agreed that a delisting was justified in the light of an expert assessment of the commitments made by those jurisdictions to address deficiencies identified by the EU. In each case, the commitments were backed by letters signed at a high political level.
“Our listing process is already proving its worth”, said Vladislav Goranov, minister for finance of Bulgaria, which currently holds the Council presidency. “Jurisdictions around the world have worked hard to make commitments to reform their tax policies. Our aim is to promote good tax governance globally.”
The decision leaves nine jurisdictions, including two other CARICOM nations – Trinidad and Tobago and St Lucia – on the list of non-cooperative jurisdictions out of 17 announced initially on December 5, 2017. The others are American Samoa, Bahrain, Guam, Marshall Islands, Namibia, Palau, and Samoa. The list carries recommendations on steps to take to be de-listed.
The EU has “strongly encouraged” jurisdictions that remain on the list to make the changes requested of them.
“Their tax legislation, policies and administrative practices result or may result in a loss of revenues for the EU’s member states. Pending such changes, the EU and the member states could apply defensive measures,” it warned in
The EU said its list is intended to promote good governance in taxation worldwide, maximizing efforts to prevent tax avoidance, tax fraud and tax evasion. It was prepared during 2017 in parallel with the OECD global forum on transparency and exchange of information for tax purposes.