On 20 February 2024, the European Union decided to remove four jurisdictions – the Bahamas, Belize, Seychelles, and Turks and Caicos Islands – from the list of non-cooperative jurisdictions for tax purposes (Annex I).
The Bahamas and Turks and Caicos Islands were fully delisted because they successfully addressed deficiencies in their enforcement of economic substance requirements.
Belize and Seychelles were moved to Annex II pending the results of a supplementary review by the Global Forum on Tax Transparency and Exchange of Information.
Based on this update, Annex I of the EU list is now made up of 12 jurisdictions that have not improved their tax good governance standards or made insufficient progress in delivering on their previous commitments. Those countries are: American Samoa, Anguilla, Antigua and Barbuda, Fiji, Guam, Palau, Panama, the Russian Federation, Samoa, Trinidad and Tobago, US Virgin Islands, and Vanuatu.
Additionally, 10 jurisdictions now feature in Annex II based on commitments they have taken to improve their tax good governance. The EU will closely monitor these commitments to make sure they are followed up on.
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