No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The EU Blacklist and Local Country Blacklists The EU Blacklist As outlined in our previous alert (19 February 2020), the Cayman Islands was added to the EU Blacklist earlier this year as a result of a failure to introduce appropriate measures aimed at ensuring minimum levels of economic substance for collective investment vehicles (“CIVs”). 0000000896 00000 n 48 0 obj <>stream Later, it was used to describe jurisdictions that do not respect the tax good The blacklist, which is constantly revised, has shrunk from 15 countries in 2018 to eight currently. ... Thu 13 Feb 2020 05.19 EST. Black list (Annex I) Grey list (Annex II) 18 February 2020. 0000010412 00000 n The EU is committed to providing technical assistance to the listed countries to remedy the identified strategic deficiencies. By Anastasia Austin, InSight Crime, 18 May 2020. 0000001425 00000 n In addition to the 8 jurisdictions already listed (see below), the EU has included the Cayman Islands, Palau, Panama and Seychelles in its list of non-cooperative tax jurisdictions. 0000001541 00000 n The deadline for implementing the commitments was the end of 2019 and the Code of Conduct Group’s assessment was that: As at February 18, 2020, the EU blacklist comprises the following twelve jurisdictions: American Samoa, the Cayman Islands, Fiji, Guam, Oman, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands and Vanuatu. The EU blacklist will become applicable as from 1 October 2020. 0000008416 00000 n Share page. FATF during its meeting on 23 Oct 2020 has identified list of high risk jurisdictions on blacklist. EU puts Cayman Islands, others on tax blacklist The European Union has added four countries and jurisdictions to its blacklist of tax havens By The Associated Press This change is intended to allow sufficient time for Member States to amend defensive measures against non-cooperative jurisdictions in their domestic law. The proposals, which were passed by the EU parliament by 587 votes to 50, called for jurisdictions with a zero tax rate policy to be automatically placed on the blacklist. 0000004366 00000 n Out of the ninety-two jurisdictions initially chosen for screening, seventeen jurisdictions were placed on the blacklist in December 2017. The list has not … Find out how KPMG's expertise can help you and your company. European Union is working to improve tax good governance on a global level 0000042782 00000 n 18 February 2020. %%EOF You will not receive KPMG subscription messages until you agree to the new policy. In December 2019, the Council produced guidance on coordination of national defensive measures in the tax area towards non-cooperative jurisdictions, inviting member states to apply legislative defensive measure as of January 1, 2021 (see Euro Tax Flash issue 419 for details). Get the latest KPMG thought leadership directly to your individual personalized dashboard. KPMG International provides no client services. Since the first EU blacklist was published in December 2017, it has been revised twelve times. The EU’s decision to blacklist Mauritius for money laundering and terrorist financing sent a shockwave across the island. 0000014989 00000 n (The situation in the European Union and its Member States is covered in the section below.) Over the course of 2018, most of the countries and territories on the blacklist engaged in constructive dialogue with the EU and made commitments to comply with the EU’s criteria. Jordan is committed to amending or abolishing its harmful tax regimes by the end of 2020. 0 Read more about the work of the Council 0000012262 00000 n © 2021 Copyright owned by one or more of the KPMG International entities. The EU blacklist will become applicable as from 1 October 2020. The Council re-iterated its conclusion from its meeting in December 2019 that updates to the black and grey lists will be limited to maximum twice per year going-forward. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. Developing countries without a financial centre that have made meaningful progress in delivering on their commitments with regard to the OECD Multilateral Convention on Mutual Administrative Assistance (criterion 1.3) are granted until August 31, 2020 to sign the Convention and until August 30, 2021 to ratify it. Anguilla, Australia, Bosnia and Herzegovina, Botswana, Eswatini, Jordan, Maldives, Morocco, Mongolia, Namibia, Saint Lucia, Thailand and Turkey. Some European countries have decided to block businesses linked to offshore tax havens from receiving government-backed coronavirus bailouts. The EU is committed to providing technical assistance to the listed countries to remedy the identified strategic deficiencies. 20 countries are currently listed: eight in Asia, six in the Caribbean region, five in Africa, and one in Oceania. EU adds Seychelles, Cayman Islands, Panama to tax haven blacklist Updated / Tuesday, 18 Feb 2020 10:12 The black list was set up in 2017 after revelations of … 0000002023 00000 n 0000010821 00000 n As at February 18, 2020, the EU blacklist comprises the following twelve jurisdictions: American Samoa, the Cayman Islands, Fiji, Guam, Oman, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands and … The British overseas territory is to be put of an EU blacklist of tax havens. You will not continue to receive KPMG subscriptions until you accept the changes. The Cayman Islands does not have appropriate measures in place relating to economic substance requirements for collective investment vehicles. On May 17, 2019, Bermuda, Aruba, and Barbados were removed from the blacklist, followed by Dominica on June 14, 2019. As at February 18, 2020, the grey list contains thirteen jurisdictions, twelve of which have been given extensions to previous deadlines: Anguilla, Australia, Bosnia and Herzegovina, Botswana, Eswatini, Jordan, Maldives, Mongolia, Morocco, Namibia, Saint Lucia, Thailand and Turkey. 0000011435 00000 n In total, nineteen jurisdictions were removed from the grey list of non-cooperative jurisdictions since it was last published in December 2019. InSight Crime — The European Union’s latest money laundering blacklist included four Caribbean nations that have been deemed to be high-risk countries.The list was met by cries of unfairness from officials, but why were these countries added in the first place and what can they do to get off the list? All rights reserved. The Council of the EU is the institution representing the member states' governments. While three of the jurisdictions (the Cayman Islands, Palau and Seychelles) were added to the blacklist, sixteen jurisdictions were found to have fulfilled their commitments within the 2019 deadline. Banks and corporations must take call of action to perform extensive due diligence from clients in these countries and have to apply counter measures to protect international financial system. 0000011973 00000 n By Anastasia Austin, InSight Crime, 18 May 2020. h�b```b``ac`e`�. In relation to the existence of harmful tax regimes criterion (2.1), the following was noted: The Code of Conduct Group will continue to monitor the implementation of commitments assumed and seek commitments from those jurisdictions that have not addressed their weak points so far. This map is for illustrative purposes and is without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or areas. Because of the coronavirus crisis, the regulation and any new protective measures, such as access restrictions to EU funding, will only apply from 1 Oct. 2020. 0000054268 00000 n Given the new timeline (next revision planned for October 2020), each of the four jurisdictions that were added in February 2020 will be blacklisted for more than seven months. It remains to be seen what (if any) measures individual Member States introduce. Failure to do so will lead to inclusion on the blacklist. Cayman Islands, Palau and Seychelles were moved from the grey list to the black list. On 6 October 2020 the ECOFIN Council updated the EU list of third country non-cooperative jurisdictions for tax purposes (commonly referred to as the EU 'blacklist') and also updated the EU list of third country cooperative jurisdictions subject to the successful delivery of their commitments (commonly referred to as the EU 'greylist'). We want to make sure you're kept up to date. Click anywhere on the bar, to resend verification email. Australia and Morocco were granted until the end of 2020 to amend or abolish their harmful tax regimes. 0000011707 00000 n Being a small economy, Botswana has limited investment opportunities, which compelled the country to invest billions of Pula in countries like the United Kingdom, Europe and the United States of America (USA) in pension funds money as well as foreign reserves. EU governments publish a revised blacklist twice a year and are committed to a review of the blacklist criteria during 2021. Moving back to October 2020, you surely remember the surprising delisting of Cayman Islands from the well-known EU tax blacklist of non-cooperative companies. The decision to only review the list twice a year may be a welcome development in terms of certainty but will mean that any progress achieved by listed jurisdictions will be reflected with some delay. The European Union (EU) in May 2020 placed Ghana on the list of countries that is seen as posing significant threat to the financial system of the Union after it failed to meet some requirements earlier in the year. Four countries from Africa have been added, namely: Botswana, Ghana, Mauritius and Zimbabwe. 0000010032 00000 n Since the last time you logged in our privacy statement has been updated. Register now and set up your personalized dashboard around {tag_name} and all the other topics that interest you. KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. %PDF-1.5 %���� The country failed to meet those requirements, hence the blacklist. American Samoa, Cayman Islands, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Oman, Trinidad and Tobago, Vanuatu, US Virgin Islands. Blacklisted countries face difficulties accessing EU … 0000002494 00000 n The European Commission added four African countries to a new list of countries that pose financial risks to the European Union due to anti-money laundering and terrorism financing shortfalls. Uganda was already on the list which now has a total of 22 countries. The European Commission added four African countries to a new list of countries that pose financial risks to the European Union due to anti-money laundering and terrorism financing shortfalls. 18 February 2020 The Council completely delisted Armenia, Antigua and Barbuda, Bahamas, Bermuda, Belize, British Virgin Islands, Cabo Verde, Cook Islands, Marshall Islands, Montenegro, St Kitts and Nevis, Vietnam. EU list of tax havens Taxation and Customs Union 12 jurisdictions 13 jurisdictions Black list (Annex I) Grey list (Annex II) 18 February 2020 Anguilla, Australia, Bosnia and Herzegovina, Botswana, Eswatini, Jordan, Maldives, Morocco, Mongolia, Namibia, Saint Lucia, … KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. Palau failed to implement any automatic exchange of financial information measures, including signing and ratifying the OECD Multilateral Convention on Mutual Administrative Assistance and has therefore been re-added to the blacklist. startxref This new blacklist becomes effective on Oct. 01, and delisting of countries will happen 20 days from the announcement. The European Union (EU) in May 2020 placed Ghana on the list of countries that is seen as posing significant threat to the financial system of the Union after it failed to meet some requirements earlier in the year. The Commission, the executive arm of the EU, explained that it modified criteria for determining compliance of third countries, to “deliver a new, comprehensive framework to fight money laundering and terrorist financing. The list was put together by EU’s Code of Conduct Group (Business Taxation) team, who are responsible for assessing the tax measures for business taxation and overseeing the provision of information on those measures. The draft law is currently following the legislative process and the final vote is expected before the end of this year. 19 0 obj <> endobj organisations and countries. On 6 October 2020 the ECOFIN Council updated the EU list of third country non-cooperative jurisdictions for tax purposes (commonly referred to as the EU 'blacklist') and also updated the EU list of third country cooperative jurisdictions subject to the successful delivery of their commitments (commonly referred to as the EU 'greylist'). The draft law is currently following the legislative process and the … Uganda was already on the list which now has a total of 22 countries. The Cayman Islands is the first UK territory to be added to the EU blacklist. Seychelles was moved from the grey list to the blacklist, for failure to address issues in relation to existing harmful preferential tax regimes. Finance ministers removed Barbados, Grenada, South Korea, Macau, Mongolia, Panama, Tunisia, and the United Arab Emirates from the blacklist on Tuesday, when they met in Brussels for their monthly ECOFIN meeting. The Caribbean Community (CARICOM) deplores the latest attack by the European Commission on the economic well-being of some of our Member States who were named on 7th May, 2020, in a list of third countries with strategic Anti-Money Laundering/ Combatting the Financing of Terrorism (AML/CFT) deficiencies, and which would therefore be subject to … The UAE and the Marshall Islands were removed from the list on October 10, 2019 while Belize was also removed on November 8, 2019. Namibia was granted until August 31, 2020 to finalize reforms initiated in 2019 in relation to its harmful tax regimes. 0000013614 00000 n As such, by the end of 2018 only five jurisdictions remained listed. The EU is of the view that these strategic deficiencies pose significant threats to the financial system of the European Union. trailer InSight Crime — The European Union’s latest money laundering blacklist included four Caribbean nations that have been deemed to be high-risk countries.The list was met by cries of unfairness from officials, but why were these countries added in the first place and what can they do to get off the list? Consequently, Aruba, Barbados, Belize, Bermuda, Dominica, Fiji, the Marshall Islands, Oman, the UAE and Vanuatu were added to the blacklist on March 19, 2019. Panama was added to the black list. In addition to the proposed new methodology to identify high-risk third countries that pose a threat to Europe’s financial system, the commission adopted a new anti-money laundering blacklist. Please take a moment to review these changes. On February 18, 2020 the Economic and Financial Affairs Council of the EU (ECOFIN) adopted a revised EU blacklist of non-cooperative jurisdictions for tax purposes. <<938F73B0F7562C41A0AFB17E9B72A393>]/Prev 134466>> In brief. The current EU blacklist was first drawn in 2017 and lists over 60 states, many of whom lobbied intensely to be removed, which in effect requires the recognition of token "progress" in measures taken to improve their tax regime. The jurisdictions which were removed from the grey list are: Antigua and Barbuda, Armenia, Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cabo Verde, Cook Islands, Curacao, Marshall Islands, Montenegro, Nauru, Niue, Saint Kitts and Nevis and Vietnam. 0000016370 00000 n The first so-called EU blacklist was adopted by the EU Council in 2017 and has been revised several times. Panama failed to obtain at least a “Largely Compliant” rating from the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) for Exchange of Information on Request. The next update is scheduled for October 2020. Turkey is expected to make progress in solving its issues, but if it fails to put arrangements in place for the effective implementation of the automatic exchange of information with all EU Member States by December 31, 2020, it will be moved to the blacklist. A decision on inclusion/exclusion for several countries is expected from the EU in October. 0000001354 00000 n The European Commission issued guidelines in July 2020, recommending member states bar companies with links to countries on the EU blacklist from receiving state aid. 0000002887 00000 n For more detail about our structure please visit https://home.kpmg/governance. The four countries are Botswana, Ghana, Mauritius and Zimbabwe. Also known informally as the EU Council, it is where national ministers from each EU country meet to adopt laws and coordinate policies. Following this latest revision, as at February 18, 2020, the EU blacklist comprises the following twelve jurisdictions: American Samoa, the Cayman Islands, Fiji, Guam, Oman, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands and Vanuatu. The majority of the commitments had a deadline of the end of 2018 and their enactment into national law was carefully monitored at a technical level by the Code of Conduct Group on business taxation until the beginning of 2019. KPMG International entities provide no services to clients. On February 18, 2020, EU Finance Ministers agreed to add the Cayman Islands, Palau, Panama and Seychelles to the blacklist, after making assessments of the implementation commitments made by each jurisdiction at the end of 2018. The blacklisted countries currently include American Samoa, Fiji, Guam, Oman, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands, Vanuatu and, as from February 2020, the Cayman Islands. 0000000016 00000 n In parallel to developments at Council level, the European Parliament included in its Motion for a Resolution (adopted on February 12, 2020) on the proposed mandate for negotiations for a new partnership with the UK, a note that the European Parliament believed that the UK should address the respective situation of its Overseas Territories and Crown Dependencies and – what was referred to as – their non-compliance with EU good governance criteria and transparency requirements. Share. On the 18th of February 2020, the EU Black List was updated by the Council. Banks and corporations must take call of action to perform extensive due diligence from clients in these countries and have to apply counter measures to protect international financial system. 0000002607 00000 n FATF during its meeting on 23 Oct 2020 has identified list of high risk jurisdictions on blacklist. The Bill proposes both restrictions on deductibility for certain payments and stricter dividend taxation. The new countries, which were added to the bloc's notorious blacklist on Thursday, include The Bahamas (which was removed from the EU's tax blacklist only in February), Barbados, Jamaica, Nicaragua and Panama. 0000032532 00000 n The draft legislation states that the government may propose the list of affected countries as from 1 January 2021 to parliament, based on the latest version of the EU blacklist on the proposal date. 19 30 0000006721 00000 n On December 5, the European Union (EU) released a blacklist of 17 countries for failing to meet agreed tax good governance standards. Common features of lists At first, the term 'tax haven' designated countries offering attractive low-tax regimes to attract financial services. The following countries are affected: Bosnia and Herzegovina, Botswana, Eswatini, Jordan, Maldives, Mongolia, Namibia and Thailand. 0000001220 00000 n A new Bill on tax sanctions against EU blacklist countries was submitted for consultation on 12 November 2020. Palau had previously been moved from the blacklist to the grey list, but was re-instated to the blacklist due to its failure to fulfill its commitments within the agreed deadline. 0000011227 00000 n Anguilla, Botswana and Turkey will remain on the grey list pending a supplementary review by the Global Forum on their rating in relation to exchange of information on request (EOIR). Our privacy policy has been updated since the last time you logged in. The Bill proposes both restrictions on deductibility for certain payments and stricter dividend taxation. It also proposes adding criteria to ensure that more countries are considered a tax haven and prevent countries from being removed from the blacklist too hastily. The EU has approved a plan to impose financial sanctions on countries or jurisdictions on the bloc's tax haven blacklist by the end of 2020. The EU is of the view that these strategic deficiencies pose significant threats to the financial system of the European Union. The four countries are Botswana, Ghana, Mauritius and Zimbabwe. Member firms of the KPMG network of independent firms are affiliated with KPMG International. The EU today officially took out eight countries from its blacklist for tax havens outside the bloc, leaving only nine jurisdictions on the list. xref The EU blacklist, first adopted on December 5, 2017, is part of the EU’s effort to clamp down on tax avoidance and harmful tax practices. The EU Finance Ministers agreed to add four new jurisdictions to the list: Cayman Islands, Palau, Panama and Seychelles. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. Saint Lucia is considered to have adopted sufficient amendments to its foreign source income exemption regime and has committed to address a remaining issue by August 31, 2020. The Council of the European Union. 0000001456 00000 n The draft legislation states that the government may propose the list of affected countries as from 1 January 2021 to parliament, based on the latest version of the EU blacklist on the proposal date. 0000001566 00000 n A new Bill on tax sanctions against EU blacklist countries was submitted for consultation on 12 November 2020. The monitoring process revealed that ten jurisdictions either failed to deliver on their commitments by the agreed deadline or made no commitment to address the EU’s concerns. The European Union tax haven blacklist, officially the EU list of non-cooperative tax … 0000005648 00000 n The Council noted that given that Turkey has internal legislation in place enabling automatic exchange of information and that it notified all EU Member States, with the exception of Cyprus, to OECD, it will be given more time to solve all open issues for the automatic exchange of information to be implemented effectively with all EU Member States. Should you have any queries, please do not hesitate to contact KPMG’s EU Tax Centre (mailto:kpmgeutaxcentre@kpmg.com), or, as appropriate, your local KPMG tax advisor. close. In addition, the Code of Conduct Group will continue to monitor the implementation of the country by country reporting minimum standard (CbCR) and will track jurisdictions that have foreign source income exemption regimes in place. Countries are Botswana, Ghana, Mauritius and Zimbabwe draft law is currently following the process! 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