By Davide Anghileri, University of Lausanne
During today’s meeting, the EU Council added to the EU list of non-cooperative jurisdictions for tax purposes the following jurisdictions: Cayman Islands, Palau, Panama, and Seychelles.
The action was taken because the jurisdictions did not implement tax reforms by the agreed deadline, the Council said.
In particular, the Cayman Islands does not have appropriate measures in place relating to economic substance in the area of collective investment vehicles, the Council said.
Palau does not apply any automatic exchange of financial information and has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance, as amended. Moreover, Panama does not have a rating of at least “largely compliant” by the Global Forum on Transparency and Exchange of Information for Tax Purposes for Exchange of Information on Request.
Finally, Seychelles has harmful preferential tax regimes and has not resolved these issues yet.
Hence, the EU blacklist today includes American Samoa, Cayman Islands, Fiji, Guam, Oman, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, US Virgin Islands, and Vanuatu.
In the same meeting, the Council removed 16 jurisdictions from the grey list: Antigua and Barbuda, Armenia, Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cabo Verde, Cook Islands, Curaçao, Marshall Islands, Montenegro, Nauru, Niue, Saint Kitts and Nevis, and Vietnam.
Each country implemented all necessary reforms to comply with EU tax good governance principles ahead of the agreed deadline, the Council said.
Davide Anghileri
Davide Anghileri is a PhD candidate at the University of Lausanne, where he is writing his thesis on the attribution of profits to PEs. He researches transfer pricing issues and lectures for the Master of Advanced Studies in International Taxation and Executive Program on Transfer Pricing.
Anghileri, a Contributing Editor at MNE Tax, previously worked as a policy advisor to the Swiss government on BEPS issues.
Davide can be reached at [email protected].
Latest posts by Davide Anghileri (see all)
- Swiss government approves new law governing tax treaties - November 11, 2020
- EU states’ compliance with tax avoidance directives assessed in Commission report - August 26, 2020
- Italy clarifies VAT reporting obligations of online marketplaces - June 16, 2020
- EU blacklist: Cayman Islands added with other three jurisdictions - February 18, 2020
- Italy adopts digital services tax, notional interest deduction - January 8, 2020
Dear Davide, I read your article on the Cayman Islands ES Law.
Note that you are working on PE article.
Enclosed is my recent article for your reference.
Good afternoon! Thank you for touching on a very important topic. Thanks for
information.