EU withdraws Arab Emirates and Marshall Islands from tax havens list
The European Union published a new list, which also highlights nations such as Switzerland, Serbia, Albania, Costa Rica, among others
The Economy and Finance Ministers of the European Union (Ecofin) removed the United Arab Emirates and the Marshall Islands from their black list of tax havens, as well as Switzerland, Serbia, Albania, Costa Rica and Mauritius from the gray list.
Thus, the EU document that lists non-cooperative jurisdictions in fiscal matters is left with nine territories, which are Belize, Fiji, the US Virgin Islands, Oman, Samoa, American Samoa, Trinidad and Tobago and Vanuatu.
In a statement, the EU Council reported that both the United Arab Emirates and the Marshall Islands approved reforms necessary to implement the commitments made to improve its fiscal policy framework.
United Arab Emirates thus fulfills all its commitments and, in addition to being removed from the blacklist, it has not been included in the gray list, in which are those territories that have promised the EU that will adapt their laws to European and international standards.
Marshall Islands now enters this second list, while Switzerland, Costa Rica, Albania, Serbia and Mauritius leave it for having approved reforms to comply with the principles of good governance in fiscal material of the community bloc.
In addition, the EU finance ministers examined whether countries and territories that are not on any of the lists meet the transparency criteria after expiration after the elimination of an exception granted to meet them.
The group of the Twenty-eight have concluded that all mebers meet these requirements, including the United States, whose network of information exchange agreements is “broad enough” to cover all EU member states.
K. Tovar
Source: ABC
