Barbados, Grenada removed from EU blacklist

The European Union flag.

Barbados and Grenada are among eight jurisdictions which have been removed from the EU’s list of non-cooperative jurisdictions for tax purposes, following commitments made at a high political level to remedy EU concerns.

Barbados, Grenada, the Republic of Korea, Macao SAR, Mongolia, Panama, Tunisia and the United Arab Emirates are moved to a separate category of jurisdictions subject to close monitoring.

However, St. Lucia and Trinidad and Tobago remain on the list.

On 23 January 2018, the Council agreed that a delisting was justified in the light of an expert assessment of the commitments made by these jurisdictions to address deficiencies identified by the EU. In each case, the commitments were backed by letters signed at a high political level.

“Our listing process is already proving its worth”, said Vladislav Goranov, minister for finance of Bulgaria, which currently holds the Council presidency. “Jurisdictions around the world have worked hard to make commitments to reform their tax policies. Our aim is to promote good tax governance globally.”

The decision leaves 9 jurisdictions on the list of non-cooperative jurisdictions out of 17 announced initially on 5 December 2017.
These are American Samoa, Bahrain, Guam, Marshall Islands, Namibia, Palau, Saint Lucia, Samoa and Trinidad and Tobago. The list also carries recommendations on steps to take to be de-listed.

The EU’s list is intended to promote good governance in taxation worldwide, maximising efforts to prevent tax avoidance, tax fraud and tax evasion. It was prepared during 2017 in parallel with the OECD global forum on transparency and exchange of information for tax purposes.

Whereas the list is to be revised at least once a year, the working group responsible for preparing it (the ‘code of conduct group’) can recommend an update at any time.

Jurisdictions that remain on the list are strongly encouraged to make the changes requested of them. Their tax legislation, policies and administrative practices result or may result in a loss of revenues for the EU’s member states. Pending such changes, the EU and the member states could apply defensive measures.

The decision was taken without discussion at a meeting of the Economic and Financial Affairs Council, by means of an amendment to its December conclusions. The 8 jurisdictions are moved from annex I of the conclusions (non-cooperative jurisdictions) to annex II (cooperation with respect to commitments taken).

 

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13 Comments

  1. UDOHREADYET
    January 24, 2018

    Who puts the EU on their list, have there ever been European countries on that list?

    • Anonymous
      January 25, 2018

      It is an EU list!!! Are you hard of hearing or just plain dumb?

  2. Sexydude
    January 23, 2018

    Guys I dont think Dominica was ever on the list cause I was in Europe last year for 4 months and travelled All over withowithout any visa while certain countries citizens needed visa or special permits

    • Anonymous
      January 24, 2018

      This has nothing to do with visa restrictions but with the movement of money between countries, possible tax evasion and fraud.

  3. Me
    January 23, 2018

    The fact that theUnitedArab Emirates are on this list is not good for our CBI program with most of our agents operating from there.

  4. Dominica
    January 23, 2018

    Paul, strictly speaking you are correct. However, according to the Financial Times of 5 Dec. 2017 Dominica was listed as one of eightCaribbean countries* that were given a temporary reprieve because of the extensive hurricane damage they suffered last year. This does not mean that we have been given a clean bill of health…..yet!
    * The other countries are: Antigua and Barbuda, Anguilla, the Bahamas, the B.V.I. St. kitts and Nevis, the Turks and Caicos and the U.S.V.I.

    • January 23, 2018

      Thanks, after having read the article it is not surprising to learn that not one European country was screened for possible violation. The article mentioned four EU countries that would been on the list if the playing feild was level, we are been openly judged by a different standard. It is just a new form of slavery that too many of us seem to willingly embrace under the guise of good governance. At least there is some push back from Caricom when these blacklists surface.

      • Paul Rossnof
        January 24, 2018

        Slavery? Go away man! Get rid of that chip on your shoulder, rethink your statement and the come back again.

      • January 25, 2018

        Using these sorts of patronising “we know best” lists really is a form of economic colonialism, though. Large banks in wealthy countries don’t like competition from offshore banks, and high tax regimes don’t like it when their subjects have alternatives.

  5. Dominican
    January 23, 2018

    For your information the verdict on Dominica is still in obeyance, till next month, after we were given more time for compliance following hurricane Maria.. Hopefully we will meet the E.U. criteria but we shall see.

  6. ‘Abracadabra’ Nation
    January 23, 2018

    Has Dominica, the ‘Abracadabra’ Nation of Skerrit replaced Barbados and Grenada on the blacklist, or we still benefitting from the destruction of Maria and they do not want to add further affliction on the people of Dominica? That’s why Skerrit is bent on living it the same way Maria left us on September 18, because apart from the money they getting, Maria is protecting his ‘Abracadabra’ conduct

    • January 23, 2018

      Dominica was NEVER ON THE LIST!!! As usual you and your cabal only wish the worst for Dominica. If Dominica had to be on the list the passage of Maria would not have stopped it, as this would have been as a result activities before Maria. As a matter of fact Dominica has continued with its CBI program which involves large money transfers. All this blacklisting only benifits the American and European countries in protecting their tax revenue. Just another form of slavery that you and other political idiots continue to support.

      • Paul Rossnof
        January 24, 2018

        Educate yourself before coming on here shouting your mouth of with false statements. You are a typical supporter of the Skerrit cabal.

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