European Union ministers of finance intend to exclude the United Arab Emirates (UAE) and Switzerland from the list of countries that are not struggling with tax evasion enough. It must happen next week.
It is expected that at a meeting on October 10, EU ministers of finance will remove the UAE from the blacklist. In addition, they are also going to exclude the Marshall Islands from it, after which nine jurisdictions will remain on the list: Belize, Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu, and three US territories – American Samoa, Guam, and the US Virgin Islands.
The report says that the UAE should be removed from the list, since in September the country adopted new rules for offshore structures. It also says that Switzerland has fulfilled its obligations: the tax reform, which started last year and enters into force in 2020, fully meets the EU requirements regarding the fight against tax evasion. Consequently, Switzerland will be removed from the EU gray list and will become a 100% white state.
Albania, Costa Rica, Mauritius, and Serbia should also be removed from the grey list next week. But if these countries do not fulfill their previous obligations in a timely manner, they will be put on the black list.
PARUS Management Consultancies