SAMOA and Fiji have been dropped from the European Union’s list of non-cooperative tax jurisdictions.
But EU Finance Ministers have added Viet Nam and the Turks and Caicos Islands to an updated list.
In a statement, the European Commission said the update highlighted the European Union’s commitment to implement tax good governance standards to fight tax fraud, evasion, and avoidance globally.
Under changes to Annex I, which identifies jurisdictions considered non-cooperative in tax matters, the Council decided to remove Fiji, Samoa, and Trinidad and Tobago after they addressed long-standing deficiencies.
“This represents welcome progress and shows the impact that the EU list can have in supporting the uptake of international standards,” the statement said.
At the same time, the Council added Viet Nam and the Turks and Caicos Islands to Annex I due to failure to comply with internationally agreed standards on tax transparency and fair taxation.
“The Council regrets these developments and has invited both jurisdictions to engage with the EU’s Code of Conduct Group and the other competent international fora to resolve the issues.”
Following the changes, Annex I now comprises 10 jurisdictions: American Samoa, Anguilla, Guam, Palau, Panama, the Russian Federation, Turks and Caicos, U.S Virgin Islands, Vanuatu, and Vietnam.
The EU said it would closely monitor these commitments.
Source: Pacnews