On October 17, 2023, the European Council adopted the EU list of non-cooperative jurisdictions for tax purposes. This assessment aims to ensure compliance with a set of objective tax good governance criteria, which include tax transparency, fair taxation, and the implementation of international standards designed to prevent tax base erosion and profit shifting.

To know more, click here https://www.fcctimes.com/2023/10/17/eu-council-updates-tax-jurisdiction-list-antigua-and-barbuda-belize-seychelles-in-british-virgin-islands-costa-rica-marshall-islands-out/

As of October 17, 2023, the blacklist comprises 16 countries, as listed below:

1. American Samoa
2. Anguilla
3. Antigua and Barbuda
4. Bahamas
5. Belize
6. Fiji
7. Guam
8. Palau
9. Panama
10. Russia
11. Samoa
12. Seychelles
13. Trinidad and Tobago
14. Turks and Caicos Islands
15. US Virgin Islands
16. Vanuatu

Three jurisdictions were found to be lacking in terms of the exchange of tax information on request. The Council stated that all three jurisdictions either lacked tax information or failed to deliver on commitments regarding governance and transparency reforms, namely:

• Antigua and Barbuda
• Belize
• Seychelles

Three jurisdictions were removed from the list as they have amended and improved their frameworks:

• British Virgin Islands: amended its framework on the exchange of information on request.
• Costa Rica: amended the harmful aspects of its foreign source income exemption regime.
• Marshall Islands: made significant progress in enforcing economic substance requirements.

Furthermore, four jurisdictions were removed from the state of play document (Annex II):

• Jordan and Qatar: fulfilled their commitments by amending harmful tax practices.
• Montserrat and Thailand: fulfilled all their pending commitments related to country-by-country reporting of taxes paid.