On 12 March 2019, the Council of the European Union (“EU”) added 10 jurisdictions to the revised EU list (Link) of non-cooperative jurisdictions for tax purposes:
- Marshall Islands
- United Arab Emirates
The list includes non-EU countries or territories that failed make sufficient commitments in response to EU concerns. Separately from the list, a state of play document features the jurisdictions that responded in a sufficient manner. They needed to take effective action, such as the adoption of the automatic exchange mechanism consistent with the objectives of the Common Reporting Standard, by the end of 2019, so as not to be listed in the future.
In addition to Panama, the EU also excluded Uruguay and Peru from its black list of tax havens.