ECOFIN Removes Dominica From EU Non-Cooperative List

; posted on
June 20th, 2019

The Economic and Financial Affairs (ECOFIN) Council decided to further amend the non-cooperative list by removing Dominica from the list.

Current Non-Cooperative Jurisdiction List

The EU list is contributing to on-going efforts to prevent tax avoidance and promote good governance principles such as tax transparency, fair taxation or international standards against tax base erosion and profit shifting.

Since the first EU blacklist was published in December 2017, it has already been revised seven times. On January 23, 2018, eight jurisdictions were removed from the blacklist. Later, on March 13, 2018, the Council removed three more countries and added the Bahamas, Saint Kitts and Nevis and the US Virgin Islands. On May 25, 2018, the ECOFIN agreed to remove the Bahamas and Saint Kitts and Nevis, followed by Palau on October 2, 2018. On November 6, EU has taken off Namibia from the list and, as the latest, the council has taken off Dominica from the list on June 14, 2019.

Due to the latest revision, currently, the list is down to 11 non-cooperative jurisdictions: American Samoa, Belize, Guam, Marshall Islands, Oman, Samoa, Trinidad and Tobago, United Arab Emirates, US Virgin Islands, and Vanuatu.

The work on the EU blacklist is a dynamic process that will be regularly reviewed and updated. Additionally, the evolving deadlines will be closely monitored to ensure jurisdictions deliver on their commitments. Jurisdictions will only be removed from the list once they have engaged in dialogue with the EU and addressed EU concerns.

Dominica’s Sufficient Commitments

The decision to taken off Dominica from the list was driven by its sufficient commitments at a high political level to address EU concerns. More specifically, Dominica complied with one of the EU screening criteria, namely rules related to Tax transparency and exchange of information: commitment to be a member of the Global Forum on transparency and exchange of information for tax purposes and satisfactory rating and to sign and ratify the OECD Multilateral Convention on Mutual Administrative Assistance or network of agreements covering all EU Member States by 2019. Compliance was assessed based on peer reviews in the OECD Global Forum on Transparency.

Council working group (‘code of conduct group’) will carefully monitor the implementation of Dominica’s commitments.

Source: ECOFIN

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