The EU list of non-cooperative jurisdictions update

The European Union added BVI, Marshall Islands, Russia in its list of non-cooperative jurisdictions for tax purposes

On 14 February 2023, the EU added four jurisdictions, the British Virgin Islands, Costa Rica, Marshall Islands and Russia, to its list of non-cooperative jurisdictions for tax purposes that is now totaling to 16 countries.

These countries failed to promote and strengthen its tax governance mechanisms, fair taxation and global tax transparency in order to tackle tax fraud, evasion and avoidance.

As a result of such list inclusion, entities incorporated in these jurisdictions may face negative tax and regulation consequences, such as (i) restrictions on the deductibility of costs for certain payments made to companies in a blacklisted jurisdiction; (ii) enhanced controlled foreign company rules; (iii) more onerous withholding taxes; and (iv) additional taxes on the receipt of distributions (i.e., “switching off” the participation exemption in respect of profits paid to vehicles in blacklisted jurisdictions). In certain cases, it is recommended to change company holdings to avoid negative consequences.

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