Bahamas: Updated EU “grey list” includes Bahamas and other Caribbean countries

Annex II of the EU list of non-cooperative jurisdictions for tax purposes (the so-called “grey list”)

Annex II of the EU list of non-cooperative jurisdictions for tax purposes

The Bahamas on 4 February 2022 was added to Annex II of the EU list of non-cooperative jurisdictions for tax purposes (the so-called “grey list”).

  • The Bahamas was added to section 2.2 of Annex II as a result of commitments to implement the OECD Forum on Harmful Tax Practices’ global standard on economic substance activities. The Code of Conduct Group (CoCG) sent a letter to the Bahamas requesting a commitment to remedy failures of meeting one or more of the requisite standards within a specific timeline.
  • The Bahamas was also added to section 3.2 of Annex II. Based on the Inclusive Framework (IF) peer review report of October 2021, the CoCG sent a letter to the Bahamas, requesting a commitment to address any IF general recommendations on time to be reflected in the IF peer review reports in 2023 and, if necessary, to activate exchange relationships with EU Member States in due time.

Belize, Bermuda, the British Virgin Islands, Israel, Monserrat, Russia, Tunisia, Turks and Caicos Islands, and Vietnam were also added to the grey list. Read TaxNewsFlash

Read a February 2022 report prepared by the KPMG member firm in the Bahamas

 

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