Barbados has been removed from the European Union (EU) tax blacklist.
The European Council updated its list of non-cooperative jurisdictions for tax purposes on Monday. It removed Barbados from that list but added Dominica.
Barbados was among countries singled out by the EU last October because it did not “have a rating of at least ‘Largely Compliant’ by the Global Forum on Transparency and Exchange of Information for Tax Purposes for Exchange of Information on Request and has not resolved this issue yet”.
In December, government application for a Supplementary Review from the Organisation for Economic Cooperation and Development (OECD) was approved, paving the way for this country to be taken off the blacklist.
According to Nation News, Barbados’s Minister of International Business Ronald Toppin “very pleased about this”.
The EU council said Dominica has been included in the list as it received a ‘partially compliant’ rating from the Global Forum and has not yet resolved this issue.
EU officials said the list, which is updated twice a year, will next be issued in October. (SC)