BRUSSELS, CMC – The European Union Tuesday removed Antigua and Barbuda from its list of non-cooperative jurisdictions for tax purposes but kept Trinidad and Tobago and Anguilla on that list describing them as countries that do not cooperate with the EU or have not fully met their commitments.
“The Council regrets that these jurisdictions are not yet cooperative on tax matters and invites them to improve their legal framework in order to resolve the identified issues,” the European Council in a statement announcing Antigua and Barbuda’s removal.
Antigua and Barbuda was included in the EU list of non-cooperative jurisdictions for tax purposes in October 2023, after a negative assessment from the Organisation for Economic Co-operation and Development (OECD) Global Forum with regard to the exchange of information on request.
The EU Council said that following changes to the applicable rules in Antigua and Barbuda, the Global Forum has granted it a supplementary review, which will be undertaken in the near future.
It said pending the outcome of this review, Antigua and Barbuda has been included in the relevant section of Annex II, which reflects the ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.
Apart from Antigua and Barbuda, the other Caribbean countries deemed to be cooperative for tax purposes are the Bahamas, Barbados, Bermuda, Cayman Islands, Dominica, Grenada, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines and the Turks and Caicos Islands
The EU list of non-cooperative jurisdictions for tax purposes was established in December 2017. It is part of the EU’s external strategy on taxation and aims to contribute to ongoing efforts to promote tax good governance worldwide.
Jurisdictions are assessed on the basis of a set of criteria laid down by the Council. These criteria cover tax transparency, fair taxation and implementation of international standards designed to prevent tax base erosion and profit shifting.
The chair of the code of conduct group conducts political and procedural dialogues with relevant international organisations and jurisdictions, where necessary.
Work on the list is a dynamic process. Since 2020, the Council has updated the list twice a year. The next revision of the list is scheduled for February 2025.
Last week, the Trinidad and Tobago government said it has developed a strategy to address the country’s removal from on the EU list of non-cooperative tax jurisdictions.
Finance Minister Colm Imbert delivering the 2025 national budget, said that the government is maintaining ongoing dialogue with the OECD Global Forum and the EU on this matter.
Imbert told legislators that ensuring compliance with the European Union’s criteria for noncooperative tax jurisdictions is vital for Trinidad and Tobago to uphold its global standing and maintain access to international markets and financial systems.
“Adhering to these standards helps us avoid sanctions and penalties that could undermine trade relations, foreign investment and overall economic stability.
“Trinidad and Tobago has over time proactively strengthened its tax transparency and regulatory framework, aligning with international best practices. We have improved our tax governance, improved the exchange of information with global tax authorities and addressed harmful tax practices. Our efforts have been guided by the Global Forum and the Organisation for Economic Co-operation and Development,” Imbert added.
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