The Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes (2023/C 64/06) were published in the Official Journal of the EU on 21 February 2023, including the addition of the British Virgin Islands, Costa Rica, Marshall Islands, and Russia as non-cooperative jurisdictions (Annex I). The revised list was adopted on 14 February 2023 and is now official with its publication in the Official Journal. The revised list of jurisdictions and their reasons for inclusion are as follows:

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ANNEX I

The EU list of non-cooperative jurisdictions for tax purposes

1. American Samoa

American Samoa does not apply any automatic exchange of financial information, has not signed and ratified, including through the jurisdiction they are dependent on, the OECD Multilateral Convention on Mutual Administrative Assistance as amended, has not committed to applying the minimum standards on base erosion and profit shifting (BEPS minimum standards) and has not committed to addressing these issues.

2. Anguilla

Anguilla facilitates offshore structures and arrangements aimed at attracting profits without real economic substance by failing to take all necessary actions to ensure the effective implementation of substance requirements under criterion 2.2.

Anguilla is waiting for a supplementary review by the Global Forum on Transparency and Exchange of Information for Tax Purposes (‘Global Forum’) in relation to exchange of information on request (criterion 1.2).

3. The Bahamas

The Bahamas facilitates offshore structures and arrangements aimed at attracting profits without real economic substance by failing to take all necessary actions to ensure the effective implementation of substance requirements under criterion 2.2.

4. British Virgin Islands

British Virgin Islands does not have a rating of at least ‘Largely Compliant’ by the Global Forum for exchange of information on request.

5. Costa Rica

Costa Rica has a harmful foreign source income exemption regime, and has not resolved this issue yet.

Costa Rica has committed to addressing the Global Forum recommendations with regard to automatic exchange of information (criterion 1.1) in due time, so as to achieve determinations of at least ‘In place, but needs improvement’ on core requirements 1 and 2 in the Global Forum peer review report in the autumn of 2024.

6. Fiji

Fiji is not a member of the Global Forum, has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance as amended, has harmful preferential tax regimes (Exporting Companies, Income Communication Technology (ICT) Incentive, Concessionary rate of tax for regional or global headquarters), has not become a member of the Inclusive Framework nor implemented the BEPS minimum standards, and has not resolved these issues yet.

7. Guam

Guam does not apply any automatic exchange of financial information, has not signed and ratified, including through the jurisdiction they are dependent on, the OECD Multilateral Convention on Mutual Administrative Assistance as amended, has not committed to apply the BEPS minimum standards and has not committed to addressing these issues.

8. Marshall Islands

Marshall Islands facilitates offshore structures and arrangements aimed at attracting profits without real economic substance by failing to take all necessary actions to ensure the effective implementation of substance requirements under criterion 2.2.

9. Palau

Palau does not apply any automatic exchange of financial information, has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance as amended, and has not resolved these issues yet.

10. Panama

Panama does not have a rating of at least ‘Largely Compliant’ by the Global Forum for exchange of information on request, has a harmful foreign source income exemption regime and has not resolved these issues yet.

Panama has committed to addressing the Inclusive Framework recommendations with regard to the implementation of criterion 3.2 on CbCR in due time, so that this is reflected in the Inclusive Framework Action 13 peer review report in the autumn of 2023.

11. Russian Federation

The Russian Federation has a harmful preferential tax regime (International Holding Companies) and has not resolved this issue.

12. Samoa

Samoa has a harmful preferential tax regime (Offshore Business) and has not resolved this issue yet.

13. Trinidad and Tobago

Trinidad and Tobago does not apply any automatic exchange of financial information, does not have a rating of at least ‘Largely Compliant’ by the Global Forum for exchange of information on request, has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance as amended, has harmful preferential tax regimes (Free Zones), and has not resolved these issues yet.

Trinidad and Tobago has committed to addressing the Inclusive Framework recommendations with regard to the implementation of criterion 3.2 on CbCR in due time, so that this is reflected in the Inclusive Framework Action 13 peer review report in the autumn of 2023.

Trinidad and Tobago has also committed to addressing the Global Forum recommendations with regard to automatic exchange of information (criterion 1.1) in due time, so as to achieve determinations of at least ‘In place, but needs improvement’ on core requirements 1 and 2 in the Global Forum peer review report in the autumn of 2024.

14. Turks and Caicos Islands

Turks and Caicos Islands facilitates offshore structures and arrangements aimed at attracting profits without real economic substance by failing to take all necessary actions to ensure the effective implementation of substance requirements under criterion 2.2.

15. US Virgin Islands

US Virgin Islands does not apply any automatic exchange of financial information, has not signed and ratified, including through the jurisdiction they are dependent on, the OECD Multilateral Convention on Mutual Administrative Assistance as amended, has harmful preferential tax regimes (Economic Development Programme, Exempt companies, International Banking Center Regulatory Act), has not committed to apply the BEPS minimum standards and has not committed to addressing these issues.

16. Vanuatu

Vanuatu facilitates offshore structures and arrangements aimed at attracting profits without real economic substance and has not resolved this issue yet.

Vanuatu is waiting for a supplementary review by the Global Forum in relation to exchange of information on request.