EU updates non-co-operative tax list and T&T's still on it

EU finance ministers have updated the EU list of non-co-operative tax jurisdictions, and Trinidad and Tobago remains on it.

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.

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.

The EU said that of those, five have taken no commitments since the first blacklist adopted in 2017: American Samoa, Guam, Samoa, Trinidad and Tobago, and US Virgin Islands.

Three others were on the 2017 list but were moved to the grey list following commitments they had taken but have now to be blacklisted again for not having followed up: Barbados, Unites Arab Emirates and Marshall Islands.

A further 7 countries were moved today from the grey list to the blacklist for the same reason: Aruba, Belize, Bermuda, Fiji, Oman, 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”, said Economic and Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici.

“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.”

The EU’s list has led to changes in global tax practices that would have been unimaginable only a few years ago. 

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