Samoa and Fiji have successfully been removed from the European Union’s list of non-cooperative tax jurisdictions, as confirmed by a recent update from EU Finance Ministers. This significant change is a result of these nations addressing longstanding deficiencies in their tax governance.
The European Commission emphasized that this update underscores the EU’s dedication to enforcing high tax governance standards aimed at combating tax fraud, evasion, and avoidance worldwide. The decision to remove Fiji, Samoa, and Trinidad and Tobago reflects welcome progress and highlights the positive impact of the EU’s list in promoting adherence to international tax standards.
However, the EU has added Vietnam and the Turks and Caicos Islands to the non-cooperative list due to their failure to meet internationally agreed standards on tax transparency and fair taxation. The Council of the EU expressed regret over these developments and urged the new additions to collaborate with the EU’s Code of Conduct Group and other relevant international bodies to address the issues at hand.
The updated Annex I, which currently lists jurisdictions considered non-cooperative, now includes ten territories: American Samoa, Anguilla, Guam, Palau, Panama, Russia, Turks and Caicos, U.S. Virgin Islands, Vanuatu, and Vietnam. The EU has committed to closely monitoring the tax compliance commitments of these jurisdictions to ensure they align with global standards.
This recent adjustment not only reflects the proactive measures taken by Samoa and Fiji but also serves as a reminder of the continued efforts needed to enhance global tax governance.
Leave a comment