Eight Jurisdictions Removed From EU Blacklist

Barbados, Grenada, the Republic of Korea, Macao SAR, Mongolia, Panama, Tunisia and the United Arab Emirates have been removed from the European Union’s list of non-cooperative jurisdictions for tax purposes.

The European Council said, “Eight jurisdictions have been removed from the EU’s list of non-cooperative jurisdictions for tax purposes, following commitments made at a high political level to remedy EU concerns.

“Barbados, Grenada, the Republic of Korea, Macao SAR, Mongolia, Panama, Tunisia and the United Arab Emirates are moved to a separate category of jurisdictions subject to close monitoring.

“On 23 January 2018, the Council agreed that a delisting was justified in the light of an expert assessment of the commitments made by these 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 9 jurisdictions on the list of non-cooperative jurisdictions out of 17 announced initially on 5 December 2017. These are American Samoa, Bahrain, Guam, Marshall Islands, Namibia, Palau, Saint Lucia, Samoa and Trinidad and Tobago.

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