EU tax haven blacklist – Update February 2020
The European Union’s list of non-cooperative tax jurisdictions has been amended.
On February 18, 2020, the Council adopted revised conclusions on the EU list of non-cooperative jurisdictions for tax purposes.
The following jurisdictions were deemed to be non-cooperative tax jurisdictions:
- Cayman Islands;
One of the reasons for blacklisting is failure to implement tax reforms to which these jurisdictions committed to.
European Union tax haven blacklist includes:
- American Samoa
- Cayman Islands
- Trinidad and Tobago
- US Virgin Islands
Adopted for the first time in late 2017, the list is a result of a worldwide screening of tax systems and their adherence to transparency, fair tax competition and BEPS (Base Erosion and Profit Shifting Standards) implementation. Roughly 70 third country jurisdictions are under scrutiny.
Since 2017, 49 countries have implemented the necessary tax reforms to comply with the European Union’s criteria.
This list is merely indicative for the purposes of the application of tax rules in Portugal.
To know more about the Portuguese tax haven blacklist, read more here.