BRUSSELS (Pakistan Point News / Sputnik - 08th November, 2019) The Council of the European Union announced on Friday that it decided to delist Belize as a non-cooperative tax jurisdiction.
"The Council today agreed to remove Belize from the EU's list of non-cooperative tax jurisdictions. Belize has passed the necessary reforms to improve its tax regime for international business companies that was due to be implemented by end 2018," the statement said.
According to the council, Belize was moved from the blacklist to a gray list, and to be white-listed, the country's authorities should address the issue of its foreign source income exemption regime.
"Belize will therefore be moved from annex I of the conclusions to annex II, pending the implementation of the country's commitment to amend or abolish the harmful features of its foreign source income exemption regime by end 2019," the statement pointed out.
The EU's list was created in 2017 to fight money laundering. As of now, it includes eight jurisdictions - American Samoa, Fiji, Guam, Oman, Samoa, Trinidad and Tobago, the US Virgin Islands and Vanuatu.
