Dominica has been added to the European Union (EU) list of non-cooperative jurisdictions for tax purposes while Saint Lucia has been removed, the Caribbean Association of Banks (CAB) reports.
Anguilla, Trinidad and Tobago, and the United States Virgin Islands remain on the so called ‘blacklist’ for not being “largely compliant” by the Global Forum on Transparency and Exchange of Information for Tax Purposes for Exchange of Information on Request; failing to sign and ratify the amended OECD Multilateral Convention on Mutual Administrative Assistance; failing to apply any automatic exchange of financial information; and harmful preferential tax regimes.
“Jamaica – which committed to amend or abolish its harmful tax regime (special economic zone regime) – has been granted until 31 December 2022 to adapt its legislation. Likewise, Barbados – which was added to the blacklist in October 2020 – joins Jamaica on the greylist, as that jurisdiction awaits a supplementary review by the Global Forum,” the CBA stated.
The other countries on the blacklist are American Samoa, Fiji, Guam, Palau, Panama, Samoa, Seychelles and Vanuatu, while the other countries on the greylist are Australia, Botswana, Eswatini, Jordan, Maldives, Thailand, and Turkey.
The list, which was established in December 2017, includes jurisdictions that either have not engaged in a constructive dialogue with the EU on tax governance or have failed to deliver on their commitments to implement the reforms necessary to comply with a set of objective tax good governance criteria. These criteria relate to tax transparency, fair taxation and implementation of international standards designed to prevent tax base erosion and profit shifting.
The CAB is community of banks and other financial institutions in the Caribbean Region, which proactively influences issues impacting the financial services sector through advocacy, education and networking.
