New jurisdictions added to and removed from the EU Blacklist
The EU list of non-cooperative jurisdictions for tax purposes has been updated by the European Union with new jurisdictions being added and removed from the EU Blacklist. Those added are Antigua and Barbuda, Belize and the Seychelles.
The Council has also announced the removal of the British Virgin Islands, Costa Rica and the Marshall Islands from the list.
The list is now comprised as follows:
- American Samoa
- Antigua and Barbuda
- Trinidad and Tobago
- Turks and Caicos Islands
- US Virgin Islands
Assessment of the jurisdictions by the Council
The EU Blacklist was created in December 2017 and supports the external strategy of the EU concerning taxation by promoting tax good governance worldwide.
The Council laid down a set of criteria used to assess jurisdictions which includes tax transparency, fair taxation and implementation of international standards preventing tax base erosion and profit shifting.
Since 2020, the EU Blacklist is updated twice a year by the Council with the next revision being scheduled for February 2024.
New additions to the EU Blacklist
Within the update, three new jurisdictions have been added, being Antigua and Barbuda, Belize and Seychelles, as these jurisdictions were considered as insufficient regarding the exchange of tax information on request. Those additions will be effective when published in the EU’s Official Journal.
Removal of three jurisdictions
The Council announced the removal of the British Virgin Islands, Costa Rica and the Marshall Island from the EU Blacklist. Those 3 jurisdictions were initially added earlier this year in February.
The removal of the British Virgin Islands was justified by the amendment of its framework on exchange of information on request. Furthermore, the amendment by Costa Rica of the harmful aspects of its foreign source income exemption regime and the progress made by the Marshall Islands in enforcing economic substance requirements led them to be also removed from the EU Blacklist.