According to Reuters European Union finance ministers agreed on Friday to remove the Caribbean island countries of the Bahamas and Saint Kitts and Nevis from an EU list of tax havens.
The two countries had been included on the blacklist in March as their tax rules and practices were deemed not in line with EU standards.
After they committed to changes, EU ministers agreed to move them from the blacklist to a so-called grey list of jurisdictions with low tax transparency standards but aiming to become less opaque, an EU document shows.
The Bahamas and St Kitts and Nevis have made commitments at a high political level to remedy EU concerns. EU experts have assessed those commitments and, as a consequence, the two jurisdictions have been moved to the list of jurisdictions that have undertaken sufficient commitments to reform their tax policies.
Implementation of their commitments will be carefully monitored by the working group responsible for the listing process (‘code of conduct group’).
The decision was taken at a meeting of the Economic and Financial Affairs Council, without discussion.
As a result, seven jurisdictions remain on the list of non-cooperative jurisdictions: American Samoa, Guam, Namibia, Palau, Samoa, Trinidad and Tobago and the US Virgin Islands.
While the list is revised at least once a year, the code of conduct group can recommend an update at any time.
The two countries had been included on the blacklist in March as their tax rules and practices were deemed not in line with EU standards.
After they committed to changes, EU ministers agreed to move them from the blacklist to a so-called grey list of jurisdictions with low tax transparency standards but aiming to become less opaque, an EU document shows.
The Bahamas and St Kitts and Nevis have made commitments at a high political level to remedy EU concerns. EU experts have assessed those commitments and, as a consequence, the two jurisdictions have been moved to the list of jurisdictions that have undertaken sufficient commitments to reform their tax policies.
Implementation of their commitments will be carefully monitored by the working group responsible for the listing process (‘code of conduct group’).
The decision was taken at a meeting of the Economic and Financial Affairs Council, without discussion.
As a result, seven jurisdictions remain on the list of non-cooperative jurisdictions: American Samoa, Guam, Namibia, Palau, Samoa, Trinidad and Tobago and the US Virgin Islands.
While the list is revised at least once a year, the code of conduct group can recommend an update at any time.
