Bermuda is removed from EU’s non-cooperative jurisdictions on tax
On 4 October 2022, the European Council published the updated EU list of non-cooperative jurisdictions for tax purposes, known as the EU blacklist.
The EU list now consists of 12 jurisdictions: American Samoa, Anguilla, the Bahamas, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, Turks and Caicos Islands, US Virgin Islands, and Vanuatu.
The EU Council also approved the usual state of play document (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. Its purpose is to recognise ongoing constructive work in the field of taxation, and to encourage the positive approach taken by cooperative jurisdictions to implement tax good governance principles.
The commitment of Bermuda with regard to the OECD Forum of Harmful Tax Practices (FHTP) recommendations on the effective implementation of substance requirements was deemed fulfilled, resulting in the deletion of the reference to this jurisdiction in the state of play document.
Since 2020, the EU Council updates the list twice a year. The next revision of the list is scheduled for February 2023.
The EU’s press release can be found here.