EU Set to Remove the UAE from Tax Blacklist

EU set to remove UAE from tax black list

UAE, Switzerland and Marshall Islands to be stricken off list

European Union finance ministers are set to remove the UAE and Switzerland next week from the bloc’s lists of countries deemed to be acting as tax havens, an EU document said. They will, however, continue to blacklist three US territories.

The 28-nation EU, set up a black and a grey list of tax havens in December 2017, after revelations of widespread avoidance schemes used by corporations and wealthy individuals to lower their tax bills.

The lists are regularly reviewed to take account of overhauls or to add new jurisdictions.

At a meeting on October 10 2019, the bloc’s finance ministers are expected to drop UAE from the blacklist, which includes jurisdictions that have failed to cooperate with the EU on tax matters.

The Pacific archipelago of the Marshall Islands will also be removed from that list, an EU document said.

This would leave the following nine jurisdictions on the list:- Belize, Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu and the three US territories of American Samoa, Guam and the US Virgin Islands.

 

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Source: Khaleej Times