BRUSSELS, CMC—The European Union on Tuesday eliminated Antigua and Barbuda from its listing of noncooperative jurisdictions for tax functions however stored Trinidad and Tobago and Anguilla on that listing, describing them as international locations that don’t cooperate with the EU or haven’t absolutely met their commitments.
“The Council regrets that these jurisdictions usually are not but cooperative on tax issues and invitations them to enhance their authorized framework to resolve the recognized points,” the European Council mentioned in a press release asserting Antigua and Barbuda’s removing.
Antigua and Barbuda was included within the EU listing of noncooperative jurisdictions for tax functions in October 2023 after the Organisation for Financial Cooperation and Growth (OECD) World Discussion board assessed its trade of request info negatively.
The EU Council mentioned that following modifications to the relevant guidelines in Antigua and Barbuda, the World Discussion board has granted it a supplementary overview, which shall be undertaken shortly.
It mentioned pending the end result of this overview, Antigua and Barbuda has been included within the related part of Annex II, which displays the continued EU cooperation with its worldwide companions and the commitments of those international locations to reform their laws to stick to agreed tax good governance requirements.
Other than Antigua and Barbuda, the opposite Caribbean international locations deemed to be cooperative for tax functions are the Bahamas, Barbados, Bermuda, Cayman Islands, Dominica, Grenada, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines and the Turks and Caicos Islands
The EU listing of noncooperative jurisdictions for tax functions was established in December 2017. It’s a part of the EU’s exterior technique on taxation and goals to contribute to ongoing efforts to advertise good tax governance worldwide.
Jurisdictions are assessed utilizing a set of standards laid down by the Council. These standards cowl tax transparency, honest taxation, and the implementation of worldwide requirements designed to stop tax base erosion and revenue shifting.
The chair of the code of conduct group conducts political and procedural dialogues with related worldwide organizations and jurisdictions, the place essential.
Work on the listing is dynamic. Since 2020, the Council has up to date it twice a yr. The subsequent revision is scheduled for February 2025.
Final week, the Trinidad and Tobago authorities mentioned it had developed a method to deal with the nation’s removing from the EU listing of noncooperative tax jurisdictions.
Finance Minister Colm Imbert, who delivered the 2025 nationwide finances, mentioned the federal government maintains an ongoing dialogue with the OECD World Discussion board and the EU.
Imbert instructed legislators that guaranteeing compliance with the European Union’s standards for noncooperative tax jurisdictions is important for Trinidad and Tobago to uphold its international standing and keep entry to worldwide markets and monetary techniques.
“Adhering to those requirements helps us keep away from sanctions and penalties that would undermine commerce relations, international funding, and general financial stability.
“Trinidad and Tobago has proactively strengthened its tax transparency and regulatory framework over time, aligning with worldwide greatest practices. We have now improved our tax governance, exchanged info with international tax authorities, and addressed dangerous tax practices. Our efforts have been guided by the World Discussion board and the Organisation for Financial Cooperation and Growth,” Imbert added.
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