EU updates list of non-cooperative jurisdictions
The list is based on criteria of transparency, fair taxation and implementation of international standards designed to prevent tax base erosion and profit shifting (BEPS). The latest amendments take into consideration the ratings recently released by OECD Global Forum for Transparency and Exchange of Information (the Forum), which recently rated Dominica as only partially compliant with international standards on exchange of information on request.
Barbados was added to the Annex I list in October 2020, after it too received a partially compliant rating from the Forum. However, it has now been granted a supplementary review, and the EU has re-classified it as awaiting the outcome of a review.
There are now 12 jurisdictions on the Annex I list: American Samoa, Anguilla, Dominica, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands and Vanuatu.
Amendments have also been made to the EU's Annex II 'grey list' of jurisdictions that do not yet comply with all international tax standards but that have made ‘sufficient commitments to implement tax good governance principles.’
Jamaica has been added to the Annex II list as it has committed to amend or abolish its special economic zone tax regime by the end of 2022 as requested by the EU.
Australia and Jordan have been granted an extension to their deadline for fulfilling their commitments, while the Maldives has been given four additional months to ratify the OECD Multilateral Convention on Mutual Administrative Assistance.
Turkey has been requested to meet standards of effective exchange of information with all Member States and is expected to make a commitment by 31 May 2021 to activate its automatic information exchange relationship with all 27 Member States by 30 June 2021.
Morocco, Namibia and Saint Lucia have fulfilled their commitments and been moved to the white list.
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