14 Mar 2019
The European Union has published its updated list of non-cooperative jurisdictions for tax purposes, dubbed the tax haven blacklist, adding ten jurisdictions to the existing five states.
The new additions include Bermuda and the UAE.
“Those jurisdictions did not implement the commitments they had made to the EU by the agreed deadline,” the Council of the EU said in a statement announcing the new listing.
The list, which is part of the EU’s external strategy for taxation as defined by the Council, is intended to contribute to ongoing efforts to prevent tax avoidance and promote tax good governance.
Work on the list started in mid-2016 within the Council’s working group responsible for implementing an EU code of conduct on business taxation.
In a statement, Bermuda’s Finance Minister said the island was “a cooperative jurisdiction with the EU for tax purposes” and “now fully compliant.” He added that Bermuda officials would visit EU ministers to reinforce its position.
The UAE reportedly said it ‘regrets’ the EU’s action and that it was enlisted despite its ‘close cooperation with the EU on this issue,’ according to Reuters, quoting state agency WAM.
Count reading this article to your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet