Ten more countries join the blacklist
The EU has added ten jurisdictions to its blacklist of non-cooperative tax jurisdictions. The EU notes that, although these jurisdictions committed to comply with the EU's criteria to address tax good governance shortcomings, they did not enact changes into national law by the agreed upon deadline. The EU has therefore moved each of these jurisdictions from its so-called "grey list" (where they were subject to monitoring) to the blacklist.
The EU established the blacklist in December 2017 to counter tax avoidance and harmful tax practices and to promote good tax governance; it is regularly reviewed and updated. 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.
The EU says that it added the following jurisdictions to the blacklist:
These jurisdictions join American Samoa, Guam, Samoa, Trinidad and Tobago and US Virgin Islands, bringing the total number of "blacklisted" jurisdictions to 15.
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Information is current to March 18, 2019. 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