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Work Ongoing On EU Tax Blacklist

by Mary Swire,, Hong Kong

08 November 2017

Work on an EU "blacklist" of non-cooperative tax jurisdictions is proceeding as planned, according to Vice-President Valdis Dombrovskis.

Dombrovskis made the comments following a meeting of EU finance ministers, at which the proposal was discussed.

Dombrovskis said that finance ministers are calling for an agreement on the list to be reached at their next meeting, on December 5. However, he added that ministers also want "an agreement on countermeasures against those jurisdictions that will end up on the list."

According to Dombrovskis, "only then will this exercise be credible and meaningful."

Reuters reported Toomas Toniste, Finance Minister for Estonia, as saying that there was "strong support for the idea of moving forward quickly," and that "most countries" wanted to adopt the list next month.

According to the Financial Times, the EU has informed 53 countries and territories "that they risk being blacklisted." The paper also reported that the final list of non-cooperative jurisdictions is expected to be published on December 5.

In November 2016, the Council resolved that an EU list of non-cooperative jurisdictions should be drawn up in 2017. To be considered compliant on tax transparency, a jurisdiction will need to meet certain criteria. "Screening" of third countries is intended to be a continuous and regular process.

TAGS: compliance | tax | tax compliance | tax avoidance | Estonia | tax planning | European Union (EU) | Europe | Tax | Tax Evasion | BEPS

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