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Cayman Islands, Oman Removed From EU Tax Blacklist

28 Jun
Cayman Islands, Oman Removed From EU Tax Blacklist CYWORLD WEALTH Advocate Cyprus

Cayman Islands, Oman Removed From EU Tax Blacklist

Cayman Islands, Oman Removed From EU Tax Blacklist

Back in 2020, the EU announced that it added Anguilla and Barbados to its “black list” of non-cooperating jurisdictions for tax purposes, while the Cayman Islands and Oman were removed from there.

The list was first compiled in December 2017. It lists non-EU jurisdictions that either have not engaged in constructive dialogue with the EU on tax administration issues or have not met their obligations to reform tax administration. The criteria for tax transparency, fair taxation and compliance with international anti-money laundering standards are spelled out in the BEPS rules.

The Cayman Islands were added to the list in February 2020 for failing to implement reforms within the agreed time frame. The state was removed from the list after changes in the structure of collective investment funds in September.

Oman was added to the list in March 2019 also for failing to fulfill its obligations to the EU. The EU said that Oman is now considered to be in full compliance with the ratification of the OCED Convention on Mutual Administrative Assistance in Tax Matters, the adoption of legislation to ensure the automatic exchange of information and the intensification of information exchange. information relations with all EU member states.

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

Along with the “black list”, the EU maintains a “gray list” of jurisdictions that cooperate with the EU in reforming their tax policy. Due to the COVID-19 pandemic, the EU has extended several deadlines for meeting these commitments. He also removed Mongolia, Bosnia and Herzegovina from the list after these countries ratified the OECD Convention on Mutual Administrative Assistance in Tax Matters.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.

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