EU updates tax haven blacklist, adds UAE, Bermuda

The European Union has updated its list of non-cooperative jurisdictions for tax purposes ( tax haven ). The new additions include Bermuda and the UAE. The Council of EU stated that these jurisdictions have failed in implementing their commitments to EU within the agreed deadline.

The list, which is part of the EU’s external strategy for taxation as defined by the Council, is intended to contribute to ongoing efforts to prevent tax avoidance and promote tax good governance. Work on the list started in mid-2016 within the Council’s working group responsible for implementing an EU code of conduct on business taxation.

In his response statement, Bermuda’s Finance Minister stated that they are a cooperative jurisdiction with the EU for tax purposes and is now fully compliant. He added that Bermuda officials would visit EU ministers to reinforce its position.The UAE regretted the EU’s action and said that it was enlisted despite its ‘close cooperation with the EU on this issue’.

13 March 2019

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