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Friday, December 1, 2023

The EU included Russia in the “grey list” of tax jurisdictions

The authorities of the European Union updated the so-called “grey list” – a list of jurisdictions that do not cooperate with the EU on tax issues. Russia, the British Virgin Islands, the Marshall Islands, and Costa Rica were added to the list. This is stated In the statement of the Council of the EU.

The council noted that Russia has not fulfilled its obligations to “remove harmful aspects of the special regime for international holding companies.” We are talking about the amendments adopted in 2022, which regulate the regime of special administrative districts, notes “Interfax.” There are two in Russia – in the Primorye and Kaliningrad regions.

“In addition, the dialogue with Russia on issues related to taxation has reached a dead end after the beginning of Russian aggression against Ukraine,” the statement reads.

Several countries were removed from the “grey list.” Yes, Barbados, Jamaica, North Macedonia, and Uruguay were excluded because they reformed their tax laws. Hong Kong, Malaysia and Qatar received deferrals to eliminate inconsistencies with international tax competition standards.

Now there are 16 jurisdictions on the “grey list.” It is mostly about offshore, including the Bahamas, Panama, Trinidad and Tobago, Vanuatu.

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