The EU recently updated its list of non-cooperative jurisdictions for tax purposes, adding Antigua and Barbuda, Belize, and Seychelles to its list.
The EU said the twin-island nation and the two other countries were found to be lacking in the exchange of tax information on request.
The European Union changed its tax policies to promote fair and responsible tax practices across its member states.
The Council has expressed regret that some jurisdictions are not yet cooperative on tax matters and has urged them to improve their legal framework to resolve these issues.
The EU list of non-cooperative tax jurisdictions (Annex I) includes countries failing to comply with objective tax-good governance criteria, such as tax transparency, fair taxation, and implementation of international standards to prevent tax base erosion and profit shifting.
The code of conduct group (business taxation) works closely with international bodies such as the OECD Forum on Harmful Tax Practices (FHTP) to promote good global tax governance.
However, the British Virgin Islands was removed from the list as it amended its framework on exchange of information on request.
Costa Rica was delisted because it amended the harmful aspects of its foreign source income exemption regime.
Marshall Islands was also delisted as it made significant progress in the enforcement of economic substance requirements.
The EU list of non-cooperative jurisdictions for tax purposes was established in December 2017 and is part of the EU’s external strategy on taxation.
The list is a dynamic process that is updated twice a year, and the next revision is scheduled for February 2024.