News Americas, LONDON, England, Tues. Feb. 23, 2021: The European Union (EU) on Monday added a new Caribbean country to its blacklist.
Dominica was added to the list from the Organization for Economic Cooperation and Development (OECD) Global Forum for Transparency and Exchange of Information after the EU said the island still does not fully meet international standards.
“Dominica has been included in the EU list as it received a ‘partially compliant’ rating from the Global Forum [for Transparency and Exchange of Information] and has not yet resolved this issue,” the Council of the EU said in a statement.
The EU requires jurisdictions to be at least ‘largely compliant’ with the international standard on transparency and exchange of information on request.
There are now 12 jurisdictions considered non-cooperative jurisdictions, including Anguilla, Trinidad and Tobago and the US Virgin Islands in the Caribbean.
The EU list of non-cooperative jurisdictions for tax purposes was established in December 2017. Jurisdictions are assessed on the basis of a set of criteria laid down by the Council in 2016. These criteria cover tax transparency, fair taxation and implementation of international standards designed to prevent tax base erosion and profit shifting.
The list has been revised several times, and as of 2020, it is being updated twice a year.