Posted: Monday, May 13, 2019. 9:51 am CST.
By BBN Staff: Three countries, Bermuda, Aruba, and Barbados are to be removed from the European Union’s (EU) blacklist for tax havens later this week, according to a report published on Bloomberg Law.
Aruba and Barbados will be removed because the EU is satisfied with the changes that these countries made to their legislation to remove unfair tax practices, while Bermuda is being removed because the country did not belong on the list in the first place.
An article published on the online platform International Investment noted that the country ended up on the list because of a typographical error in economic substance regulation documents Bermuda had submitted to the EU. International Investment noted that the removal should happen at a meeting scheduled for May 17.
The countries were among a total of 10 territories placed on the list in March, this included Belize. After being blacklisted, the Government of Belize issued a statement rejecting the designation, noting that Belize had enacted several legislative reforms in 2018 to align the country with the EU’s fair tax legislation criteria.
Those amendments were the International Business Companies (IBC) (Amendment) Act, as well as the Designated Processing Areas Act, which was to remove harmful features identified by the Organization for Economic Cooperation and Development (OECD).
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