0000001354 00000 n 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. Member firms of the KPMG network of independent firms are affiliated with KPMG International. Find out how KPMG's expertise can help you and your company. 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. A new Bill on tax sanctions against EU blacklist countries was submitted for consultation on 12 November 2020. All rights reserved. 0000010412 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. The Cayman Islands does not have appropriate measures in place relating to economic substance requirements for collective investment vehicles. Jordan is committed to amending or abolishing its harmful tax regimes by the end of 2020. 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. 0000001425 00000 n h�b```b``ac`e`�. The EU is committed to providing technical assistance to the listed countries to remedy the identified strategic deficiencies. 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. In total, nineteen jurisdictions were removed from the grey list of non-cooperative jurisdictions since it was last published in December 2019. 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. 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 … 0000016370 00000 n 0000013614 00000 n Get the latest KPMG thought leadership directly to your individual personalized dashboard. 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 … 0000006721 00000 n By Anastasia Austin, InSight Crime, 18 May 2020. EU governments publish a revised blacklist twice a year and are committed to a review of the blacklist criteria during 2021. Failure to do so will lead to inclusion on the blacklist. 0000002887 00000 n In brief. European Union is working to improve tax good governance on a global level This change is intended to allow sufficient time for Member States to amend defensive measures against non-cooperative jurisdictions in their domestic law. The four countries are Botswana, Ghana, Mauritius and Zimbabwe. 0000005648 00000 n Panama was added to the black list. 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. 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. 0000000896 00000 n 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. Anguilla, Australia, Bosnia and Herzegovina, Botswana, Eswatini, Jordan, Maldives, Morocco, Mongolia, Namibia, Saint Lucia, Thailand and Turkey. It remains to be seen what (if any) measures individual Member States introduce. KPMG International provides no client services. 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. 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. The first so-called EU blacklist was adopted by the EU Council in 2017 and has been revised several times. 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. 18 February 2020. 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. xref Also known informally as the EU Council, it is where national ministers from each EU country meet to adopt laws and coordinate policies. The draft law is currently following the legislative process and the final vote is expected before the end of this year. 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 … 0000001541 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). 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. 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. <<938F73B0F7562C41A0AFB17E9B72A393>]/Prev 134466>> A new Bill on tax sanctions against EU blacklist countries was submitted for consultation on 12 November 2020. 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. 0000002023 00000 n 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. Their harmful tax regimes so-called EU blacklist was adopted by the EU,... Countries offering attractive low-tax regimes to attract financial services collective investment vehicles measures place... Tax havens from receiving government-backed coronavirus bailouts pose significant threats to the system. 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