Friday, February 26, 2021

The EU has revised the blacklist of tax havens to include the Dominican Republic


The EU Foreign Affairs Council adopted a revised “blacklist” of non-cooperating tax jurisdictions in Brussels on Monday.

Following last week’s debate by finance ministers, which the ambassadors to the EU continued, it was decided that the Dominican Republic would be included in the list of tax havens, with Barbados being withdrawn from the list.

The blacklist created in 2017 concerns tax jurisdictions that are either not engaged in a constructive dialogue with the EU on tax administration or have failed to meet their reform commitments regarding tax transparency, fair taxation and the implementation of international standards designed to prevent tax distortions. and profit shifting.

The Dominican Republic has been included in the EU list because it has received a “partially compliant” rating from the OECD Global Forum on Transparency and Exchange of Information and has not yet addressed the issue.

12 “paradise”

There are currently 12 countries or territories on the EU’s blacklist: US Samoa, US Virgin Islands, Anguilla, Dominican Republic, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, Seychelles and Vanuatu.

However, the Union has also set up a so-called “gray list”, which includes countries that need further reforms but have already made progress in meeting international tax standards. The EU has removed Morocco, Namibia and Saint Lucia from this list because they have fulfilled all their commitments. However, Jamaica has been added to the gray list, but has pledged to amend, supplement or repeal some provisions of its “harmful” tax regime by the end of 2022.

At the same time, the Union granted Australia and Jordan an extension of the deadline for fulfilling their commitments, and the Maldives was given another four months to ratify the OECD Multilateral Convention on Mutual Administrative Assistance.

One week ago, EU finance ministers failed to agree on the issue of Turkey, which is also on the gray list, when some member states have asked it to be blacklisted for countries that allow unfair tax practices. Finally, Ankara was asked to resolve any outstanding issues. Turkey is expected to make a high-level political commitment by 31 May at the latest to effectively activate its automatic information exchange relationship with all 27 EU Member States by the end of June.





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