Latest updates to EU list of non-cooperative jurisdictions
The Council of the EU discussed at its February meeting the so-called „blacklist“ update, which regularly assess the current state of play regarding cooperation in the tax area. Following this latest revision, ten new jurisdictions have been added to the so-called „greylist“. Countries considered as non-cooperating for tax purposes have failed to implement necessary measures and thus remain unchanged on the blacklist.
On 24 February 2022, the Council of the EU adopted an updated version of the list of non-cooperative jurisdictions that do not in line with EU tax rules and practices. There are no changes to the blacklist ("Annex I") compared to the previous version and continues to include the following nine jurisdictions:
American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands and Vanuatu.
According to the published release, the Council of the EU has decided to greylisted 10 jurisdictions ("Annex II"), that points out the promise of better cooperation and fundamental changes in tax good governance principles. Following this latest revision, the greylist includes twenty-five jurisdictions, which are working toward meeting the EU's tax standards:
Anguilla, the Bahamas, Barbados, Belize, Bermuda, Botswana, the British Virgin Islands, Costa Rica, Dominica, Hong Kong, Israel, Jamaica, Jordan, Malaysia, Montserrat, North Macedonia, Qatar, Seychelles, Thailand, Tunisia, Turkey, Uruguay, Russian Federation, Turks and Caicos Islands, Vietnam.
The Council of the EU will continue the monitoring process, with the next revision is scheduled for October 2022. At the same time, it continues to invite these jurisdictions to meet key commitments to the EU regarding tax transparency, fair taxation and implementation of international tax standards.