The Council of the European Union has announced its decision on 10 October 2019 to remove the Marshal Islands and the United Arab Emirates from the EU blacklist of non-cooperative jurisdictions.
According to the announcement, the UAE and the Marshall Islands have been removed because they have both passed the necessary reforms to implement the commitments made to improve by the end of 2018 their tax policy framework by introducing economic substance requirements. While the UAE has been completely removed, the Marshal Islands has been moved to annex II (the grey list) for the monitoring of its exchange of information commitments.
The announcement also includes that Albania, Costa Rica, Mauritius, Serbia, and Switzerland have implemented all necessary reforms to comply with EU tax good governance principles. These countries will be removed from annex II.
Following the removal of the UAE and the Marshall Islands, 9 jurisdictions remain on the list of non-cooperative jurisdictions: American Samoa, Belize, Fiji, Guam, Oman, Samoa, Trinidad and Tobago, the U.S. Virgin Islands, and Vanuatu.
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