TIC, Bahamas, Belize taken off from EU blacklist
Wednesday, 21st February 2024
The Bahamas, Belize and the Turks and Caicos Islands (TIC) were recently removed from the European Union’s (EU) list of non-cooperative jurisdictions for tax purposes.
These three countries were added to the blacklist on the 25th of October, 2023. The EU considered these countries non-cooperative and blacklisted them after accusing them of:- Inadequate legal frameworks for preventing tax avoidance
- Lack of transparency in tax matters
- Limited commitment to implementing tax good governance standards
The EU took them off the blacklist yesterday after the EU Council stated that the countries had undertaken notable reforms to address and tackle the deficiencies previously identified by the EU, these reforms have been summarised below
- Strengthening their legal frameworks for tax transparency and exchange of information
- Committing to implement specific tax good governance measures
- Engaging in constructive dialogue with the EU on tax matters
These countries may have been removed from the blacklist but are still subject to ongoing monitoring by the EU to ensure they continue to comply with good tax governance standards.
Some critics argue that the EU’s process to blacklist nations is politically motivated, treats and targets smaller nations unfairly. On the other hand, some argue that their methods encourage countries to adopt transparent tax policies, as one might say their policies did for these nations.No press release took place to announce the delisting, it was instead announced through a more general document titled "Decision of the Council of 20 February 2024 amending Decision (EU) 2017/952 as regards the Union list of non-cooperative jurisdictions for tax purposes"
There is no fixed timeframe for how long these countries will be monitored by the EU, the monitoring process is conducted on a case-by-case basis, meaning the duration depends on several factors, including the effectiveness of implemented reforms and continued cooperation & compliance.The updated list now consists of
- American Samoa
- Anguilla
- Antigua and Barbuda
- Fiji
- Guam
- Palau
- Panama
- Russia
- Samoa
- Trinidad and Tobago
- US Virgin Islands
- Vanuatu
Whether the EU's approach represents fair play or necessary pressure remains open to interpretation. However, the delisting of The Bahamas, Belize, and TIC, coupled with ongoing monitoring, underscores the EU's commitment to promoting and ensuring tax transparency within its jurisdiction.
Latest
- Dominica nominated for highly prestigious Travel+Leisure Wor...
-
PM Terrance Drew evaluates ongoing rehabilitation at St Pete... -
We're not here to beg, but to demand partnership for Climate... -
Gunfire attacks on Haiti-bound flights pushes InterCaribbean... -
BiiG Beach Festival 2024: Barbados' premier multi-sport even...
Related Articles
Wednesday, 21st February 2024
Wednesday, 21st February 2024
Wednesday, 21st February 2024
Wednesday, 21st February 2024
Wednesday, 21st February 2024
Wednesday, 21st February 2024