The EU blacklist names the “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 objective tax good governance criteria, concerning tax transparency, fair taxation and implementation of international standards against tax base erosion and profit shifting.”
Anguilla and Barbados were added to the list, while the Cayman Islands and Oman were removed after completing a series of tax, transparency and good governance reforms required by the European Union.
Anguilla and Barbados made the latest version as a result of a failure to fully comply with transparency and exchange of information requirements. As reported by the Global Forum on Transparency and Exchange of Information for Tax Purposes, Anguilla was deemed “non-compliant,” while Barbados was labelled as “partially compliant.”
On the other hand, Cayman Islands was taken off the list following reforms to its framework on Collective Investment Funds.
Similarly, Oman was removed“after it ratified the OECD Convention on Mutual Administrative Assistance in Tax Matters, enacted legislation to enable automatic exchange of information and took all the necessary steps to activate its exchange-of-information relationships with all the EU member states.”
Birch Wealth Care 