Tuesday, March 2, 2021

EU removes Barbados from tax haven list and joins Dominica

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Barbados

The Council of the European Union (EU) decided this Monday to remove Barbados from the list of non-cooperative jurisdictions for tax purposes, adding these so-called tax havens to Dominica and giving warnings to Turkey to increase the exchange of information.

“The Council today adopted [segunda-feira] conclusions on the revised list of non-cooperative jurisdictions for tax purposes, having decided to add Dominica to the EU list of non-cooperative jurisdictions and remove Barbados from that list, ”the structure said in a press release, cited by the agency Lusa.

With the changes made on Monday, 12 tax havens identified by the EU: American Samoa, Anguilla, Dominica, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands and Vanuatu.

Based on the Global Forum on Transparency and Information Exchange for Tax Purposes, of the Organization for Economic Cooperation and Development (OECD), the EU justifies that it added Dominica to its list because it obtained a “partially compliant” rating with the rules for exchanging information.

For its part, the Barbados archipelago was removed from the list, after being included in October 2020, because it is reviewing its rules and awaiting a new classification, the Council said.

Created in 2017, the list is part of the EU’s external tax strategy, aimed at promoting good governance worldwide. It covers non-EU countries that either have not initiated a constructive dialogue with the EU on tax governance or have not fulfilled their commitments to implement reforms.

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f4ed77f46c6e3ac20d10a65a537f5dcb EU removes Barbados from tax haven list and joins Dominica

Based on the conclusions adopted on Monday, jurisdictions were identified that, despite not yet meeting all international tax rules, have already made sufficient commitments to implement the principles of good tax governance.

The EU Council noted that Turkey was asked to resolve all open issues with regard to the effective exchange of information with all Member States.

“In this context, it is expected that the Turkey commits to a high political level until May 31, 2021 to effectively activate its automatic information exchange relationship with all 27 Member States by June 30, 2021 ″, indicates the structure in which the countries are represented.

Morocco, Namibia and Saint Lucia were removed from that document for having fulfilled all their commitments, while Jamaica was added for having committed to alter or abolish its harmful tax regime (special economic zone regime) by the end of 2022.

Australia and Jordan have been granted an extension to meet their commitments until an assessment of their reforms is pending. And the Maldives was given an additional four months to ratify the OECD Convention on Mutual Administrative Assistance in Tax Matters.

According to the EU Council, nine jurisdictions have committed themselves to reforming their fiscal policies: Australia, Barbados, Botswana, Swaziland, Jamaica, Jordan, Maldives, Thailand and Turkey. Jurisdictions are assessed by the EU on the basis of criteria such as fiscal transparency, fair taxation and implementation of international standards designed to prevent erosion of the tax base and the transfer of profits.

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EU removes Barbados from tax haven list and joins Dominica