oecd non-cooperative tax jurisdictions


The first ever EU list of non-cooperative tax jurisdictions was agreed by Member States on 5 December 2017. The list forms part of the EU's work to clamp down on tax evasion and avoidance, presenting a united front to dealing with non-EU jurisdictions that, in the EU's view, encourage abusive tax practices. Listed countries can . On 5 December 2017, the Council published a listing of "Non-cooperative jurisdictions for tax purposes," comprising 17 jurisdictions that were deemed to have failed to meet relevant criteria established by the European Commission. To be considered cooperative, a jurisdiction must meet the benchmarks of at least two of the three following criteria. The EU list of non-cooperative jurisdictions for tax purposes was subsequently modified by the ECOFIN Council on 17 May 20199 and 14 June 201910, with the de-listing of Aruba, Barbados, Bermuda and Dominica. See EY Global Tax Alert, European Commission adopts first counter-measures on listed non-cooperative tax jurisdictions, dated 22 March 2018. This rating can be granted even if a few . 2) Official Journal of the European Union, Annexes I and II of the the Council conclusions of 5 December 2017 on the EU list of non-cooperative jurisdictions for tax purposes (1), as amended in January (2) and March (3) 2018, are replaced by the following new Annexes I . CRS by jurisdiction. While Cayman finalised its legislation earlier this year to regulate private investment funds and updated the Mutual Funds Law to complete the regulatory framework covering other collective investment vehicles, the EU determined that it failed to implement measures relating to economic substance in the . Executive summary. Criteria for Assessing International Tax Transparency Cooperation Three objective criteria have been established to identify cooperative and non-cooperative jurisdictions with respect to international tax transparency. . This section will provide you with a jurisdiction-specific overview of the steps taken and choices made by jurisdictions in the context of implementing the Standard. On 22 February 2021, the Council of the European Union (the Council) updated the European Union (EU) list of non-cooperative jurisdictions for tax purposes (the EU List). such as the OECD's Global Forum for transparency and the Base Erosion and Profit Shifting (BEPS) Inclusive Framework for the first time. The Global Forum on Transparency and Exchange of Information for Tax Purposes released on 28 June 2017 its list of non-cooperative jurisdictions. Annex I (the so-called "black" list) of the EU List now includes American Samoa, Anguilla, Dominica, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the . The Council adopted conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes, deciding to maintain the following countries on the list: American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands and Vanuatu. 1.1 (OECD Automatic Exchange of Information (AEOI) related to the Common Reporting Standard - CRS), the Council noted that the progress made by Turkey is still not fully in line with . The list adopted by the Council on 24 February 2022 is composed of: American Samoa; Fiji; Guam; Palau; Panama; Samoa; Trinidad and Tobago; US Virgin Islands; Vanuatu; The list becomes official upon publication in the Official Journal. As an immediate first step as part of this item, the Commission has released what is essentially a compilation of a pan-EU-wide list of third country non-cooperative tax jurisdictions, which is based on Member States' independent . The European Union tax haven blacklist, officially the EU list of non-cooperative tax jurisdictions, is a tool of the European Union (EU) that lists tax havens.It is used by the Member States to tackle external risks of tax abuse and unfair tax competition.It was adopted for the first time in 2017 as a response to tax avoidance in the EU, screening 92 countries. Out of the ninety-two jurisdictions initially chosen for screening, seventeen Executive summary. 4 The said Communication aims to ensure that EU external . List of Unco-operative Tax Havens. EU list of non-cooperative jurisdictions Background The EU list of non-cooperative jurisdictions, first adopted in the Council conclusions of December 5, 2017, is part of the EU's efforts to clamp down on tax avoidance and harmful tax practices. Jurisdictions on the EU grey list do not yet comply with all international tax standards but have made sufficient commitments to implement tax good governance principles, and continue to be monitored by the EU. On 5 December 2017, the Council published the first EU list of non-cooperative jurisdictions for tax purposes, comprised of two annexes. Annex I (the so-called "black" list) includes jurisdictions that fail to meet the EU's criteria by the required . On 5 October 2021, the Council of the European Union (the Council) updated the European Union (EU) list of non-cooperative jurisdictions for tax purposes (the EU List). The EU recently added 10 new jurisdictions to its "grey list" of non-cooperative tax jurisdictions. . These countries still show some evidence of abusive tax practices. In particular, inclusion of a jurisdiction on the EU list of non-cooperative jurisdictions will be relevant the question whether the category C hallmark arrangements apply (cross-border transactions). Tax evasion and avoidance, which included discussions on the EU's list of non-cooperative jurisdictions, the progress of the Commission's Unshell Directive proposal, the application of withholding tax on outbound payments from the EU and the modernization of exchange of information provisions. The European Commission has also adopted the first countermeasures on listed non-cooperative tax jurisdictions by the adoption of a Communication in March 2018 that sets new requirements against tax avoidance in EU legislation governing, . Tax evasion and avoidance, which included discussions on the EU's list of non-cooperative jurisdictions, the progress of the Commission's Unshell Directive proposal, the application of withholding tax on outbound payments from the EU and the modernization of exchange of information provisions. 06 July 2015. On 12 October 2021, the Official Journal of the EU published the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes, otherwise also known as the EU tax havens blacklist. The OECD Multilateral Convention on Mutual Administrative Assistance is the most . The list of non-cooperative tax jurisdictions is determined at EU level. Listing of non-cooperative jurisdictions for tax purposes. The EU list of non-cooperative tax jurisdictions is composed of countries that either failed to deliver on their commitments to comply with tax good governance criteria within a specific timeline, or have not committed to do so at all. The plan includes five key areas for action, including item 4, "Further Progress on Tax Transparency". The European Union today updated its List of Non-cooperative Jurisdictions for Tax Purposes. Countries or jurisdictions with such serious strategic deficiencies that the FATF calls on its members and non-members to apply counter-measures. In case you would like to have more . On 24 February 2022, the Council of the European Union (the Council) updated the European Union (EU) list of non-cooperative jurisdictions for tax purposes (the EU List). See EY Global Tax Alert, European Commission adopts first counter-measures on listed non-cooperative tax jurisdictions, dated 22 March 2018. In a report issued in 2000, the OECD identified a number of jurisdictions as tax havens according to criteria it had established. The latest update of the EU list of "non-cooperative jurisdictions" has exempted Seychelles, Anguilla and Dominica from being blacklisted. Money laundering: concealment of origins of illegally obtained money. The Council of the European Union announced on 5 October 2021 that it has decided to remove three jurisdictionsAnguilla, Dominica and Seychellesfrom the EU list of noncooperative jurisdictions for tax purposes (blacklist). Andorra; The Principality of Liechtenstein; Liberia; The Principality of Monaco; The Republic of the Marshall Islands; The Republic of Nauru As part of the EU listing process, jurisdictions are assessed on tax transparency, fair taxation and real economic activity. . jurisdictions that are to be listed or de-listed, it is highly advisable that the revised list is adopted as soon as possible so that the EU list of non-cooperative jurisdictions for tax purposes reflecting the current situation could be published in the Official Journal. Out of the ninety-two jurisdictions initially chosen for screening, seventeen jurisdictions were placed on the blacklist in December 2017. The main international initiative to curb tax evasion is the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes, with 127 member countriesiii. Poland: 100% 5. The 12 "no or nominal tax jurisdictions" are Anguilla, Bahamas, Bahrain, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey, Turks and Caicos Islands, and the United Arab Emirates. A number of jurisdictions have been added to the blacklist for failing to satisfy, by 31 December 2018, what the EU bodies considered adequate in-country substance requirements in order for entities to qualify for their . Therefore, it is reasonable to conclude that the preferential regime that caused the Council to list Panama as a non-cooperative jurisdiction for tax purposes is not one of the regimes that was reviewed by the OECD's Forum of Harmful Tax Practices, i.e., Headquarters (SEM) regime, Panama-Pacifico regime, City of Knowledge regime and Colon Free . 7 December 2017. against countries included on the EU list of non -cooperative jurisdictions for tax purposes as well as on equivalent national lists, where applicable. In view of the above, the Permanent Representatives Committee is invited: Following calls from both Member States and the European Parliament, the European Commission (EC) included . The EU list of non-cooperative jurisdictions for tax purposes (2019/C 210/05) 1. Capital gains derived from the disposal of shares by a Norwegian Limited company or EEA resident are exempt. Numerous legislators make an effort to maintain lists of territories that, either by allowing the avoidance of taxes or by facilitating the opacity of investments, qualify as "non cooperative jurisdiction"4. In addition to this list, the Council approved the usual state . jurisdiction (2018/C 359/04) With effect from the day of publication in the . Countries or jurisdictions with such serious strategic deficiencies that the FATF calls on its members and non-members to apply counter-measures. Four distinct ratings can be allocated to a jurisdiction once it has undergone a full peer review: Compliant: The EOIR standard is implemented. Also, in December 2017, to "encourage fair competition," the European Union adopted a list of " non-cooperative jurisdictions" largely based on the implementation of OECD/ G20 BEPS minimum standards, tax transparency standards, and "fair taxation" criteria (summarized in subsequent sections of this chapter). The following jurisdictions, which have not yet made commitments to transparency and effective exchange of information, have been identified by the OECD's Committee on Fiscal Affairs as unco-operative tax havens. This list is part of the EU's work to fight tax evasion and avoidance and aims to create a stronger deterrent for countries that consistently refuse to play fair on tax matters. This follows Guernsey's recent inclusion on the European Commission's tax blacklist. Having acted in good faith, Belize now finds itself unfairly and erroneously labelled by the European Union as a "non-cooperative tax jurisdiction", via a process that contrasts starkly with the OECD's inclusive and consultative methodology. The global tax police. At the request of the G20, the Forum previously published a "grey list" and "black list" of "non-cooperative jurisdictions." The "blacklist" has tripled in. 4. However, many professionals believe the organisation is not inclusive enough, moves too slowly and is powerless to make countries follow its guidance. Any removal of jurisdictions from the list will take effect under the new law in Luxembourg as from the date of publication of the updated EU List in the EU Official Journal. Monica Bhatia, Head of the Secretariat of the OECD Global Forum on Transparency and Exchange of Information for Tax . The European Union tax haven blacklist, officially the EU list of non-cooperative tax jurisdictions, is a tool of the European Union (EU) that lists tax havens.It is used by the Member States to tackle external risks of tax abuse and unfair tax competition.It was adopted for the first time in 2017 as a response to tax avoidance in the EU, screening 92 countries. De-listings from . Council conclusions, 24 February 2022 On June 14, 2022, the OECD published the . We are very pleased with the cooperation Guernsey has shown as a very active member of the Global Forum. The EU list of non-cooperative jurisdictions was introduced by the EU as a tool to tackle: Tax fraud or evasion: illegal non-payment or under payment of tax; Tax avoidance: use of legal means to minimise tax liability; and. On June 14, 2022, the OECD published the . Annex I (the so-called "black" list) of the EU List remained unchanged and it still includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad . It operates by requiring jurisdictions to modify . The EU's Economic and Financial Affairs (Ecofin) Council updated the European Union's list of non-cooperative jurisdictions for tax purposes on March 12. by Julie Martin At the G20's behest, the OECD has identified objective criteria for determining if a country is "non-cooperative" tax jurisdiction with respect to tax transparency, Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration, said during a July 12 OECD webinar. Tax fraud, tax evasion, tax avoidance, and money . The Organisation for Economic Cooperation and Development (OECD) has highlighted Guernsey's reputation as a cooperative jurisdiction. The EU list of non-cooperative jurisdictions for tax purposes. The EU list of non-cooperative jurisdictions was introduced by the EU as a tool to tackle: Tax fraud or evasion: illegal non-payment or under payment of tax; Tax avoidance: use of legal means to minimise tax liability; and. non-cooperative tax jurisdictions to encompass 15 countries, including Bermuda, Barbados and the United Arab Emirates (UAE). Money laundering: concealment of origins of illegally obtained money.

The document lists Hong Kong as one of nine countries with harmful tax regimes in its Annex II, the so-called grey list or watch list. The list is updated periodically. The Council today adopted conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes, deciding to maintain the following countries on the list: American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands and Vanuatu. (OECD) Forum on Harmful Tax Practices is pending.

6329/21, FISC 33, ECOFIN 153, Outcome of Proceeding from General Secretariat of the Council to Delegations, Brussels . The government of the Hong Kong Special . Jurisdictions that make a high-level commitment to comply with the required criteria within an On 5 October 2021, the Council of the EU revised the EU list of non-cooperative jurisdictions for tax purposes ('Annex I') and the list of jurisdictions included in the state of play document covering jurisdictions which have made commitments to implement tax good governance principles but do not currently comply with all international tax standards ('Annex II'). For shares in non-EEA countries there is a 10%- and 2-years holding requirement. Twelve countries are still on the list. On 5 October 2021, the Council of the European Union (the Council) updated the European Union (EU) list of non-cooperative jurisdictions for tax purposes (the EU List). The overview table below will show the current state of implementation of all committed jurisdictions in a single table. What countries are on the updated EU list of non-cooperative tax jurisdictions, and why? EU Tax Centre comment . On 27 May 2022, the Secretariat of the Organisation for Economic Co-operation and Development (OECD) released two public consultation documents regarding the Tax Certainty Framework for Amount A (pdf) and Tax Certainty for Issues Related to Amount A (pdf) for Pillar One of the OECD/G20 project on Addressing the Tax Challenges Arising from the Digitalisation of the Economy . September 30, 2009. The European Commission has also adopted the first countermeasures on listed non-cooperative tax jurisdictions by the adoption of a Communication in March 2018 that sets new requirements against tax avoidance in EU legislation governing, in particular, financing and investment operations. 2) See EY Global Tax Alert, Council of the European Union publishes list of uncooperative jurisdictions for tax purposes, dated 6 December 2017. On 18 February, EU finance ministers updated the EU list of non-cooperative tax jurisdictions. OECD's 'non-cooperative jurisdiction' criteria will allow US to escape blacklisting Monday, 25 July 2016 The Organisation for Economic Cooperation and Development has asked the G20 governments to approve its proposed three-step formula for deciding which international financial centres are to be blacklisted as non-cooperative. Anguilla, Dominica and .

Panama was included on the EU list of non-cooperative jurisdictions for tax purposes by the Council on 18 February 2020 and remains on the list because of the Council's conclusions made on 22 February 2021. . On 5 December 2017, the EU published its list of 17 non-cooperative jurisdictions for tax purposes. Following this update, twelve jurisdictions remain on the list of non-cooperative jurisdictions: American Samoa, Anguilla, Barbados, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands and Vanuatu. By contrast, more recent instruments - most prominently the EU list of non-cooperative jurisdictions for tax purposes (EU blacklist) - are characterized by the unilateral imposition of EU standards and parallel introduction of defensive (tax and non-tax) measures to encourage compliance by third countries, in particular low-income countries. Indeed the rushed EU process can be characterised as non-consultative, inflexible and insensitive . Annex I (the so-called "black" list) of the EU List now includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands and Vanuatu. Executive summary. #EuropeNews It also added Hong Kong and five other jurisdictions to its "watch list" (grey list). It is a result of a thorough screening and dialogue process with non-EU countries to assess them against agreed criteria for good governance relating to tax transparency, fair taxation, the implementation of OECD BEPS measures and substance requirements for zero-tax . Monica Bhatia, Head of the Secretariat of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, says: "I am very surprised that Guernsey has been included in a list of non-cooperative jurisdictions. In low-tax jurisdictions the exemption applies when the company held has business activities. The next revision of the EU list of non-cooperative jurisdictions is scheduled for October 2022. 1 Since the . On 5 December 2017, the Council published a list of "Non-cooperative jurisdictions for tax purposes." This initial list was comprised of 17 jurisdictions that were deemed to have failed to meet relevant criteria established by the European Commission. 6 Between 2000 and April 2002, 31 jurisdictions made formal commitments to implement the OECD's standards of transparency and exchange of information. The Global Forum on Transparency and Exchange of Information for Tax Purposes released on 28 June its list of non-cooperative jurisdictions.. Still on the list of non-cooperative jurisdictions are American Samoa, Anguilla, Barbados, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands, Vanuatu, Seychelles. Australia, Botswana, Eswatini, Jordan, Maldives, Morocco, Namibia, Saint Lucia, Thailand and Turkey. (OECD). The Global Forum carries on peer reviews to assess the standard of exchange of information on request (EOIR) and rates the jurisdictions' compliance. Tax defensive measures implemented by European states against non-cooperative jurisdictions. (OECD) Forum on Harmful Tax Practices is pending . However, the list has also become relevant to the disclosure of cross-border tax planning arrangements under DAC 6.

3. The EU has been working on a list of non-cooperative jurisdictions for tax purposes since 2016. Learn more. Seven jurisdictions (Andorra, The Principality of Liechtenstein, Liberia, The Principality of Monaco, The Republic of the Marshall Islands, The Republic of Nauru and The Republic . Annex I (the so-called "black" list) of the EU List now includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands . being placed on the EU Blacklist and labeled as a "non-cooperative . Q&A sheet (situation on 6 October 2020) The EU List fair taxation. On 5 December 2017, the European Union (EU) Member States agreed on a list of non-cooperative jurisdictions for tax purposes. The Organisation for Economic Cooperation and Development (OECD) - the leading international standards-setter for tax transparency and cooperation - has underlined Guernsey's reputation as a cooperative jurisdiction. The fight against harmful tax competition and aggressive tax planning has been high on the European Union (EU's) agenda in the past few years.