On the 5th of December 2017, the Council adopted the EU list of non-cooperative jurisdictions for tax purposes (EU Black list). It had committed to do so in its conclusions from 25 May 2016.
The European Council updated its list as of the 17th of October 2019 and excluded the UAE and Marshall Islands.
UAE Removed from Blacklist
The United Arab Emirates was de-listed since it adopted Economic Substance Regulations as of the 1st of September 2019 to satisfy the Code of Conduct Group regarding economic substance to government owned enterprises with a majority stake greater than 51%.
Marshall Islands Removed from Blacklist
The Marshall Islands was moved from the black list to the gray list because it adopted Economic Substance Regulations on the 15th of August 2019.
Should the high risk jurisdiction list be updated for obliged entities
Cyprus Compliance officers of obliged entities should move to update the high risk jurisdiction list currently adopted to align with this update.
EU Black List of Non-Cooperative Countries
As of 17th of October 2019 the EU “non-cooperative” list was updated and currently includes
American Samoa does not apply any automatic exchange of financial information, has not signed and ratified, including through the jurisdiction they are dependent on, the OECD Multilateral Convention on Mutual Administrative Assistance as amended, did not commit to apply the BEPS minimum standards and did not commit to addressing these issues.
Belize has not yet amended or abolished one harmful preferential tax regime. Belize’s commitment to amend or abolish its newly identified harmful preferential tax regime by the end of 2019 will be monitored.
Fiji has not yet amended or abolished its harmful preferential tax regimes. Fiji’s commitment to comply with criteria 1.2, 1.3 and 3.1 by the end of 2019 will continue to be monitored.
Guam does not apply any automatic exchange of financial information, has not signed and ratified, including through the jurisdiction they are dependent on, the OECD Multilateral Convention on Mutual Administrative Assistance as amended, did not commit to apply the BEPS minimum standards and did not commit to addressing these issues.
Oman does not apply any automatic exchange of financial information, has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance as amended, and has not yet resolved these issues.
Samoa has a harmful preferential tax regime and did not commit to addressing this issue. Furthermore, Samoa committed to comply with criterion 3.1 by the end of 2018 but has not resolved this issue.
Trinidad and Tobago has a “Non-Compliant” rating by the Global Forum on Transparency and Exchange of Information for Tax Purposes for Exchange of Information on Request. Trinidad and Tobago’s commitment to comply with criteria 1.1, 1.2, 1.3 and 2.1 by the end of 2019 will be monitored.
US Virgin Islands does not apply any automatic exchange of financial information, has not signed and ratified, including through the jurisdiction they are dependent on, the OECD Multilateral Convention on Mutual Administrative Assistance as amended, has harmful preferential tax regimes, did not commit to apply the BEPS minimum standards and did not commit to addressing these issues.
Vanuatu facilitates offshore structures and arrangements aimed at attracting profits without real economic substance and has not yet resolved this issue
