Two Caribbean countries are now off of the EU’s list of non-cooperative tax jurisdictions.
Now that the Bahamas and Saint Kitts and Nevis have agreed to changes that will address EU concerns about their tax systems, the EU is removing them from their blacklist. However, they will now be subject to close monitoring by the EU (i.e., they are now on a so-called "grey list").
Seven jurisdictions remain on the list of non-cooperative jurisdictions: American Samoa, Guam, Namibia, Palau, Samoa, Trinidad and Tobago and the U.S. Virgin Islands. The list originally included 17 jurisdictions.
The blacklist was established in December 2017 to counter tax avoidance and harmful tax practices and to promote good tax governance, It has been revised three times since it was first published. When a jurisdiction is blacklisted, it risks facing EU defensive measures such as sanctions and limited access to EU funding, as well as other potential measures.
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Information is current to June 05, 2018. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500