PwC

Blickpunkt Osteuropa

Ukraine Update: Updated the EU ‚blacklist‘ of non-cooperative jurisdictions in tax matters


The EU Council updated the ‚blacklist‘ of non-cooperative jurisdictions in tax matters

Recently the European Economic and Financial Affairs Council /hereinafter – ‚ECOFIN‚) updated so-called ‚blacklist‘ of non-cooperative jurisdictions in tax matters and ‚greylist‘ of co-operative jurisdictions subject to the successful delivery of their commitments. The ECOFIN suggests the EU member states to apply tax and non-tax defensive measures to the countries included in the list, e.g. higher withholding tax rates, non-deductibility of costs, controlled foreign company rules, reinforcing transaction monitoring criteria, etc.

The list is reviewed regularly by ECOFIN based on a number of criteria such as: tax transparency, fairness of taxation and implementation of measures against base erosion and profit shifting (hereinafter – ‚BEPS‚).

As of today, there are five countries in the ‚blacklist‘, to which ECOFIN insists on the most severe sanctions, namely: American Samoa, Guam, Samoa, Trinidad and Tobago and American Virgin Islands.

The ‚greylist‘ still includes Switzerland, UAE, Panama, British Virgin Islands, Belize, Marshall Island, Bahamas, Cayman Islands, Curacao, Hersey, Seychelles, Turkey, South Korea and other countries that have committed to reform their tax policies, which we expect to happen in the nearest future.

In the view of the above, we recommend, if necessary, reconsidering your group’s current structure in order to comply with global requirements on transparency and BEPS measures.

We will track of any changes and keep you updated of further legislation developments in this area.

 

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