|
The EU announced its review of non-cooperative jurisdictions for tax purposes in the year. As a recap, the updated blacklist includes 9 jurisdictions whilst grey list contains 25 jurisdictions. In this review, no jurisdictions were added to or removed from the blacklist. Bermuda and the BVI had been added to the grey list.
Bermuda has been added to the grey list as it has yet to address the issues identified by the OECD Forum on Harmful Tax Practices (FHTP) with respect to the implementation of the economic substance regime.
The BVI has yet to implement a recommendation made by the OECD Inclusive Framework on BEPS (IF) in relation to the implementation of the minimum standard for country-by-country reporting (CbCR) under Action 13 of the BEPS Action Plan.
Both jurisdictions have made a high-level commitment to implement the recommendations of the EU and/or the OECD. As of today, both lists are outlined below:
Jurisdictions under EU blacklist American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, US Virgin Islands and Vanuatu.
Jurisdictions under EU grey list Anguilla, the Bahamas, Barbados, Belize, Bermuda, Botswana, the British Virgin Islands, Costa Rica, Dominica, Hong Kong, Israel, Jamaica, Jordan, Malaysia, Montserrat, North Macedonia, Qatar, Seychelles, Thailand, Tunisia, Turkey, Uruguay, Russian Federation, Turks and Caicos Islands, Vietnam.
The next round of update of the EU tax lists is scheduled in October 2022.
If you want to set up your offshore entity in Hong Kong or would like to know more about this amendment, please contact us: Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Jurisdictions Tax transparency Automatic Exchange of Information Harmful tax regimes – Real economic activity Country-by-Country Reporting
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice. |
|
