The EU list of non-cooperative tax jurisdictions was updated on February 18, 2020. Four countries or territories – Cayman Islands, Palau, Panama and Seychelles – have been added to the list of non-cooperative tax jurisdictions as they failed to comply with the required standards within the deadline.
These join the eight countries – American Samoa, Fiji, Guam, Samoa, Oman, Trinidad and Tobago, Vanuatu and US Virgin Islands – that were already on the list.
On the contrast, Armenia, Antigua and Barbuda, Bahamas, Bermuda, Belize, British Virgin Islands, Cabo Verde, Cook Islands, Marshall Islands, Montenegro, St Kitts and Nevis, as well as Vietnam, were completely removed from the so-called grey list as they now meet all standards for fiscal good governance.
The purpose of the EU list of non-cooperative tax jurisdictions is to achieve real improvements in global tax transparency. To date, the tax systems of 95 countries have been examined and the majority of these now meet the EU good governance standards. According to Paolo Gentiloni, Commissioner for the Economy, this process has led to the elimination of more than 120 harmful tax systems worldwide – and dozens of countries have begun applying tax transparency standards. ” Today’s decisions show that the EU is serious about making that happen.”
The next update of the EU list is foreseen in October 2020.
For more information please refer to https://ec.europa.eu/taxation_customs/tax-common-eu-list_en