European Council: Bahamas, Belize, Seychelles and Turks and Caicos Islands removed from the EU list of non-cooperative jurisdictions for tax purposes

28 February 2024
Major updates in the list of non-cooperative jurisdictions for tax purposes

The EU's list serves as a crucial mechanism to promote tax good governance globally. It evaluates jurisdictions based on criteria such as tax transparency, fair taxation, and implementation of international tax standards. Countries failing to meet these criteria are placed on the list and urged to make necessary reforms.

For Bahamas and Turks and Caicos Islands, deficiencies in enforcing economic substance requirements led to their inclusion in previous assessments. However, recent efforts to address these shortcomings resulted in their removal from the list. Similarly, Belize and Seychelles, initially listed due to issues regarding exchange of information on request, have made regulatory adjustments prompting a supplementary review.

Promoting Global Transparency and ComplianceThese developments underscore the dynamic nature of tax governance and the importance of ongoing cooperation between jurisdictions and international bodies like the OECD. The EU's commitment to regular updates ensures a responsive approach to evolving tax challenges.

In this context, it's noteworthy that SFM, operating in jurisdictions like Seychelles, Belize, and Bahamas, remains dedicated to keeping its clients informed about relevant industry information. SFM's expertise in corporate services ensures clients are informed of regulatory changes and compliance requirements. By staying engaged with developments in tax governance, SFM helps clients navigate complex regulatory landscapes and make informed decisions.

Collaboration, Reforms, and Opportunities for Jurisdictions like Bahamas, Belize, Seychelles

The removal of these jurisdictions from the EU's list reflects not only their commitment to tax reforms but also the effectiveness of international collaboration in promoting tax transparency and fair practices. It's a testament to the ongoing efforts of governments and regulatory bodies worldwide to strengthen tax governance and foster a level playing field for businesses and taxpayers alike.

As the EU continues its efforts to promote tax good governance, jurisdictions like Bahamas, Belize, and Seychelles are poised to further enhance their regulatory frameworks, supporting a conducive environment for investment and economic growth. With SFM's support and expertise, clients operating in these jurisdictions can navigate regulatory complexities with confidence, ensuring compliance while seizing opportunities for business expansion and development.

SFM is committed to keep our clients updated with industry changes regularly and our team is available to address any queries. Please contact our dedicated team or email us at info@sfm.com.

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