The EU finance ministers agreed to add 10 countries to a blacklist of alleged tax havens, including the UAE and Bermuda, despite last-minute push-back by Italy and Estonia.
Wednesday 13, March 2019 BY MUZORIWA KUDAKWASHE
The UAE regrets the EU finance ministers’ decision to include the Emirates on a list of non-cooperative jurisdictions for tax purposes, according to local newswire, WAM.
The Government said that it remains firmly committed to its long-standing policy of meeting the highest international standards on taxation, including the OECD’s requirements and will continue to update its domestic legislative framework in this regard.
The UAE said that the inclusion was made despite its close cooperation with the EU on the tax issue and ongoing efforts to fulfil all the EU’s requirements.
The agreement means the list will now have 15 jurisdictions, triple the number of what it had before the review.
Pierre Moscovici, the EU’s Economic and Monetary Affairs Commissioner, said, “The blacklist has had a resounding effect on tax transparency and fairness worldwide, we are raising the bar of tax good governance globally and cutting out the opportunities for tax abuse.”
The updated list includes existing transgressors American Samoa, Guam as well as Samoa, Trinidad and Tobago and US Virgin Islands, while new entries are Aruba, Barbados, Belize, Bermuda as well as Dominica, Fiji, Marshall Islands, Oman, Vanuatu and the UAE.