The European Union said on Thursday that it had delisted the United Arab Emirates and the Marshall Islands as non-cooperative tax jurisdictions
MOSCOW (Pakistan Point News / Sputnik - 10th October, 2019) The European Union said on Thursday that it had delisted the United Arab Emirates and the Marshall Islands as non-cooperative tax jurisdictions.
"The Council agreed to remove the United Arab Emirates (UAE) and the Marshall Islands from the EU's list of non-cooperative jurisdictions for tax purposes," the bloc said in a statement.
The decision was made in recognition of reforms pursued by the two countries to "implement the commitments they had made to improve by the end of 2018 their tax policy framework."
The bloc ruled that the UAE was "now compliant with all commitments on tax cooperation and can be delisted."
The Marshall Islands, however, will still continue to be monitored for commitments on exchanges of information pending the results of the review by the Organisation for Economic Co-operation and Development.
"Albania, Costa Rica, Mauritius, Serbia and Switzerland have implemented ahead of their deadline all necessary reforms to comply with EU tax good governance principles," the EU added.
The EU's list was created in 2017 to fight money laundering. As of now, it includes nine jurisdictions - American Samoa, Belize, Fiji, Guam, Oman, Samoa, Trinidad and Tobago, the US Virgin Islands and Vanuatu.
