European Union: ECOFIN Council Second Update To The EU List Of Third Country Non-Cooperative Jurisdictions In Tax Matters (‘Blaklist')

 On 13 March 2018, the ECOFIN Council updated for the second time the EU list of non-cooperative jurisdictions in tax matters, also referred to as the 'blacklist'. For background please refer to our Tax Update Newsletter N-17-2017.

The update is the result of replies received regarding political commitment to address the EU's concerns from three previously blacklisted jurisdictions as well as from the eight jurisdictions in the Caribbean region whose process was previously put on hold until early 2018 due to the devastating storms of September 2017.

As a result of the above:

• The Bahamas, Saint Kitts and Nevis and the US Virgin Islands have been included in the 'blacklist'.

• Bahrain, the Marshall Islands and Saint Lucia have been moved from the 'blacklist' to the 'list of co-operative jurisdictions subject to the successful delivery of their commitments'.

• Anguilla, Antigua and Barbuda, the British Virgin Islands and Dominica have been included in the 'list of co-operative jurisdictions subject to the successful delivery of their commitments'.

• The process is continuing for the Turks and Caicos Islands.

For your ease of reference, the updated lists as at 13 March 2018 are set out below:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.