CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Cayman Islands, Oman Removed From EU Tax Blacklist

Cayman Islands, Oman Removed From EU Tax Blacklist

by Ulrika Lomas, Tax-News.com, Brussels

13 January 2021


On October 6, 2020, the EU announced that it has added Anguilla and Barbados to its list of non-cooperative jurisdictions for tax purposes and has removed the Cayman Islands and Oman.

The list was first established in December 2017. It lists non-EU jurisdictions that either have not engaged in a constructive dialogue with the EU on tax governance or have failed to deliver on their commitments to implement reforms to comply with a set of tax good governance criteria, concerning tax transparency, fair taxation, and the implementation of international standards against base erosion and profit shifting (BEPS).

Anguilla and Barbados were added to the "blacklist" in response to reports published by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Forum downgraded Anguilla to "non-compliant" and Barbados to "partially compliant" with the international standard on transparency and exchange of information on request.

The Cayman Islands was added to the list in February 2020, with the EU citing its failure to implement reforms within the agreed deadline. It has now been removed from the list, following the adoption of changes to its framework on Collective Investment Funds in September.

Oman was added to the list in March 2019, also for having failed to implement commitments made to the EU. The EU said that Oman is now considered as compliant with all its commitments, following its ratification of the OCED Convention on Mutual Administrative Assistance in Tax Matters, the enactment of legislation to enable the automatic exchange of information, and the activation of exchange-of-information relationships with all EU member states.

Following the October 2020 update, there are 12 jurisdictions on the blacklist: American Samoa, Anguilla, Barbados, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands, and Vanuatu.

Alongside the "blacklist," the EU operates a "grey list" of jurisdictions cooperating with the EU to reform their tax policies. Due to the COVID-19 pandemic, the EU has extended several deadlines for meeting these commitments. It has also removed Mongolia and Bosnia and Herzegovina from the list after these countries ratified the OECD Convention on Mutual Administrative Assistance in Tax Matters.

TAGS: compliance | tax | tax compliance | Bosnia and Herzegovina | tax avoidance | Organisation for Economic Co-operation and Development (OECD) | Cayman Islands | Fiji | Mongolia | Samoa | Trinidad and Tobago | Vanuatu | Virgin Islands | legislation | transfer pricing | American Samoa | Anguilla | Palau | standards | European Union (EU) | Barbados | Guam | Oman | Panama | Seychelles | Europe | Invest | Tax | Tax Evasion | BEPS

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »