ECOFIN has updated the blacklist of non-cooperative jurisdictions for tax purposes
The European Union has recently amended the list of countries considered as non-cooperating for tax purposes. Following the assessment of the respective criteria in the tax area, the EU Council presented a new EU Blacklist. The changes affected two jurisdictions.
On 22 February 2021, The Economic and Financial Affairs Council (ECOFIN) revised the Blacklist of non-cooperative countries in the field of taxation. Following this latest revision, Dominica has been added to the EU list. In addition, Barbados has been moved from the Blacklist to the „gray list“. Nine other countries must improve their tax good governance practices to avoid being blacklisted.
The current EU Blacklist now includes the following twelve jurisdictions:
- American Samoa
- Trinidad and Tobago
- US Virgin Islands
The list has been revised several times, and as of 2020, it is being updated twice a year. The next update is expected to be in October 2021.