The Strategist

EU updates tax havens list

03/13/2019 - 11:51

EU finance ministers added 10 more countries to the list of tax havens which tax standards do not meet EU requirements, including the United Arab Emirates (UAE).

thetaxhaven via flickr
thetaxhaven via flickr
Thus, the black list includes 15 jurisdictions that "either could not fulfill their obligations to meet the necessary criteria, or even did not take on such obligations," said Pierre Moscovici, economic and financial commissioner.

The authorities added 10 more locations to the five jurisdictions already included in the list of tax havens (American Samoa, Guam, Samoa, Trinidad and Tobago and the US Virgin Islands). The newcomers are Vanuatu, Aruba, Oman, Barbados, Marshall Islands, Belize, Fiji, Bermuda, Dominica and the United Arab Emirates.

"We have completed the first comprehensive review of the list of countries not cooperating with the EU. Since it was adopted at the end of 2017, this list has proved its value for jointly promoting the EU agenda for bettering globalpractices of taxation, and combating tax evasion,” said Finance Minister Eugen Teodorovici, who chairs the EU Council of Romania.

Moscovici also noted that, thanks to the European Union’s listing of tax havens, dozens of countries have abandoned harmful tax regimes and have begun to comply with international standards on transparency and fair taxation.