European Union: ECOFIN Council Third Update To The EU List Of Third Country Non-Cooperative Jurisdictions In Tax Matters (‘Blaklist')

Issue N-11-2018, 31 May 2018

 On 25 May 2018, the ECOFIN Council updated for the third time the EU list of non-cooperative jurisdictions in tax matters, commonly referred to as the 'blacklist'. For background please refer to our Tax Update Newsletter N-17-2017. The updated 'blacklist' will be effective as from its date of publication in the Official Journal of the European Union.

The update is the result of replies received from two previously blacklisted jurisdictions regarding their political commitment to address the EU's concerns, as well as from the Turks and Caicos Islands whose process was previously put on hold until early 2018 due to the devastating storms of September 2017.

As a result of the above:

• Bahamas and Saint Kitts and Nevis have been moved from the 'blacklist' to the 'list of co-operative jurisdictions subject to the successful delivery of their commitments' (commonly referred to as the 'greylist').

• Turks and Caicos Islands have been included in the 'greylist'.

For your ease of reference, the updated lists as adopted by the ECOFIN Council on 25 May 2018 are set out below:

The updated EU list of the 7 identified jurisdictions included in the EU common list of non-cooperative jurisdictions for tax purposes, as adopted on 25 May 2018 by ECOFIN Council ('blacklist'):

The updated EU list of the 65 identified co-operative jurisdictions subject to the successful delivery of their commitments, as adopted on 25 May 2018 by ECOFIN Council ('greylist'):

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.