·      Trinidad and Tobago is the only CARICOM country to remain on the EU list

The European Union (EU) Council of Finance Ministers has removed Anguilla, Dominica and Seychelles from the EU list of non-cooperative jurisdictions for tax purposes.

They but are now been placed on the EU’s “grey list”. All three had previously been placed on the list because they did not meet the EU’s tax transparency criteria of being ranked as at least ‘largely compliant’ with the rules for the exchange of information on request, by the OECD Global Forum.

The “grey list” includes jurisdictions that do not yet comply with all international tax standards but that have committed to implementing tax good governance principles. Trinidad and Tobago is the only CARICOM country to remain on the EU list of non-cooperative jurisdictions with The Cayman Islands being was taken off thetax list one year ago

Nine jurisdictions remain on the EU black list

Cayman was removed after additions to its regulatory framework for investment funds. Nine jurisdictions remain on the EU list of non-cooperative jurisdictions.

They are American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands and Vanuatu. With these countries being blacklisted, they face reputational damage, greater scrutiny of their financial transactions and may lose access to EU funding.

The EU tax blacklist has been subject to growing criticism because it includes mostly small island nations that are not known for having significant financial services sectors that would be in any way relevant for the European Union.

The criteria for listing focuses on tax transparency, fair taxation and prevention of tax base erosion and profit shifting. The list is reviewed twice a year.