Aruba, Barbados, and Bermuda have agreed to changes that will address EU concerns about their tax systems. As a result they have been removed from an EU blacklist of non-cooperative tax jurisdictions.
These three jurisdictions were added to the “blacklist” in March 2019. In May 2019, they were removed from the blacklist. Read Euro Tax Flash. As a result, they will no longer face potential EU sanctions and other blacklist-related penalties.
Although Barbados and Bermuda have committed to addressing EU concerns and have been removed from the blacklist, they will still be subject to close monitoring by the EU (i.e., they are now on a so-called "grey list") until they successfully follow through on their commitments to comply with the EU screening criteria.
Twelve jurisdictions remain on the list of non-cooperative jurisdictions: American Samoa, Belize, Dominica, Fiji, Guam, the Marshall Islands, Oman, Samoa, Trinidad and Tobago, the United Arab Emirates, the U.S. Virgin Islands, and Vanuatu.
Read a May 2019 report prepared by the KPMG member firm in Canada
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