The European Union on Tuesday added ten countries to its blacklist of tax havens. Estonia and Italy, which had initially been against the inclusion of the United Arab Emirates (UAE) on the updated blacklist, gave up their opposition to it.
"We also reached agreement concerning the UAE and gave up our opposition," spokespeople for the Ministry of Finance told BNS. Thus, the UAE was included in the list by a unanimous decision of EU member states.
Countries previously listed as being in the so-called grey zone, or Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu and the Dominica Union, which had not implemented the reforms they had pledged to carry out, were on Tuesday added to the EU's blacklist of tax havens, alongside Barbados, the UAE and the Marshall Islands, whose tax policy has become more aggressive in recent months.
According to Reuters, Italy had previously said at a closed-door meeting on Friday that the UAE should be given until the end of this year to change its rules and come into compliance with EU tax standards, noting that the UAE had "constitutional constraints" that justified its delay in changing rules.
The Netherlands, meanwhile, had warned it would veto the listing of its overseas territory of Aruba if the UAE were removed from the draft list, according to the document and some European officials.
The EU blacklist originally comprised 17 jurisdictions, but shrank to five after most listed states committed to change their tax rules. Prior to Tuesday's decision, the list included Samoa, Trinidad and Tobago, and three US territories: American Samoa, Guam, and the US Virgin Islands.
Editor: Aili Vahtla