On 5 December 2017, the ECOFIN Council published its conclusions on the EU common list of (third country) non-cooperative jurisdictions in tax matters, also referred to as the ‘blacklist’ consisting of 17 jurisdictions. This initiative forms part of the EU’s broader agenda on furthering tax transparency, fair taxation and the implementation of anti-BEPS measures with the dual aim of raising the level of good global governance and tackling tax fraud, evasion and avoidance.
In order to get de-listed from the blacklist, the affected jurisdictions (and the 47 jurisdictions that chose to engage in a dialogue with the EU and made a political commitment in writing to timely address the EU’s concerns) should enhance their tax transparency, amend or abolish harmful tax regimes, address the EU’s concerns relating to economic substance and become members of the OECD’s Inclusive Framework and/or implement the BEPS minimum standards.
The EU listing process will continue in 2018 with the list being reviewed at least on an annual basis and a first progress report is expected before the summer of 2018.
We refer to a PwC EUDTG newsletter in this respect, which you can read here.
For more insights and to understand the implications for your organisation, please contact Pieter Deré.
- Base erosion and profit shifting (BEPS)
- Corporate income tax
- International taxation
- Transfer pricing