As announced on Friday 17 May, the European Finance Ministers acknowledged the removal of three territories from the European 'black' list of non-cooperative jurisdictions in terms of taxation: Aruba, Bermuda and Barbados (see EUROPE 12256/4). These three territories were added to the ‘black’ list in March because of their regulatory loopholes favouring tax evasion (see EUROPE 12212/5).
Bermuda and Barbados will therefore return to the ‘grey' list of countries that present tax risks but have committed to taking corrective action. Aruba will be completely removed from European surveillance, as the Dutch island adopted a new law on 4 April 2019 that removes the harmful features of its tax transparency regime.
“The Romanian Presidency understands the particular situation of some jurisdictions that have encountered difficulties in implementing fiscal reforms, for example, Dominica”, Romanian Finance Minister Eugen Orlando Teodorovici said at a press conference. He noted that the island, which ratified the OECD Multilateral Convention on Mutual Administrative Support in Tax Matters at the end of April, could also soon leave the ‘black’ list.
Oxfam criticized this decision. “EU governments have - once again - let some of the world's worst tax havens off the hook”, it said.
The following jurisdictions will therefore remain on the ‘black’ list: Belize, Dominica, Fiji, the Marshall Islands, Oman, the United Arab Emirates, Vanuatu, American Samoa, Guam, Samoa, Trinidad and Tobago and the United States Virgin Islands. (Original version in French by Marion Fontana)