The fight against offshore companies is going on with varying degrees of success

Withdrawing funds earned in the EU to jurisdictions with low or no foreign income tax deprives European Union states of legal taxes. Therefore, the EU has long been trying to convince such states of the need for cooperation, but with varying success. It is impossible to say that there is no success at all. On October 17, the European Council removed three states from the list of territories refusing to cooperate in the field of taxation, but at the same time added three new countries to the list

Which territories and countries are excluded from the list and why?

Excluded from the list of non-cooperatives are:

1. British Virgin Islands. They have changed their information exchange structure with the EU. The territory is expected to be revalued in accordance with. standard for the automatic exchange of financial information for tax purposes (CRS), developed by the Organization for Economic Co-operation and Development (OECD).
2. Costa Rica. The state decided to change the tax exemption regime on income from foreign sources. 
3. Marshall Islands. This US-affiliated state has made significant progress in meeting economic presence requirements. Now it is not enough to have a company formally registered in the country - the company must conduct real economic activities in the country of registration. This is called economic presence.

Which countries have been added to the list?

The following countries were found not to meet OECD criteria: 

1. Antigua and Barbuda, 
2. Belize
3. Seychelles.

Which countries and territories are on the EU blacklist?

Currently, the list of non-cooperating countries and territories in the field of taxation includes:

1. US Virgin Islands,
2. American Samoa,
3. Antigua and Barbuda,
4. Anguilla,
5. Bahamas,
6. Belize
7. Vanuatu,
8. Guam,
9. Turks and Caicos Islands,
10. Palau,
11. Panama,
12. Russia,
13. Samoa,
14. Seychelles,
15. Trinidad and Tobago,
16. Fiji.

Any financial transactions with these territories and countries automatically fall under the control of the tax authorities.

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