INTERNATIONAL TAX PLAZA - Aruba, Barbados and Bermuda removed from the EU-list of non-cooperative jurisdictions in taxation matters

Details: Published: 19 May 2019

During its meeting of May 17, 2019 the Economic and Financial Affairs (ECOFIN) Council has once again adjusted the EU's list of non-cooperative jurisdictions in taxation matters. This time Aruba, Barbados and Bermuda were removed from the list.

Barbados has made commitments at a high political level to remedy EU concerns regarding the replacement of its harmful preferential regimes by a measure of similar effect, whilst Aruba and Bermuda have now implemented their commitments. At the same time, Bermuda remains committed to address EU concerns in the area of collective investment funds. As a consequence, Barbados and Bermuda will be moved from annex I of the conclusions to annex II, which includes jurisdictions that have undertaken sufficient commitments to reform their tax policies, while Aruba will be removed entirely from both Annexes.

As a result, the following 12 jurisdictions remain on the EU-list of non-cooperative jurisdictions in taxation matters:

· American Samoa;

· Belize;

· Dominica;

· Fiji;

· Guam;

· Marshall Islands;

· Oman;

· Samoa;

· Trinidad and Tobago;

· United Arab Emirates;

· US Virgin Islands; and