Serbia removed from the grey list of tax havens

The Council of Ministers of the European Union has removed Serbia from the “grey list” of tax havens, as it has determined that the country complies with all commitments on tax cooperation and that it has carried out all the necessary reforms toward the harmonization with the EU tax principles.

The explanation of the decision says that Serbia ratified the OECD Multilateral Convention on Mutual Administrative Assistance (“MAC”) on August 30, 2019, as announced today on the Council’s official website.

The Council also underlined that that was only one piece of the puzzle that should lead to full tax compliance and integration into the EU.

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“This news is proof that we are rapidly implementing reforms and aligning our tax system with European and world standards. The strength of a country’s tax system is reflected in the adoption and enforcement of applicable regulations, a well-established supervisory and control system and risk management capacity,” said Serbian Finance Minister Sinisa Mali, stressing that the Serbian government has successfully implemented its commitments to improve the fiscal framework and to expedite the exchange of information in accordance with international standards.

The Council also found Albania, Costa Rica, Mauritius, and Switzerland to be compliant with all commitments on tax cooperation.

The list was established in December 2017 and is contained in annexe I of the conclusions adopted by the Council. The conclusions also contain a second annexe which includes jurisdictions that have undertaken sufficient commitments to reform their tax policies and whose reforms are being monitored by the Council’s code of conduct group on business taxation.

As part of the regular review, the Council agreed to remove the United Arab Emirates (UAE) and the Marshall Islands from the EU’s list of non-cooperative jurisdictions for tax purposes.

Nine jurisdictions remain on the list of non-cooperative jurisdictions: American Samoa, Belize, Fiji, Guam, Oman, Samoa, Trinidad and Tobago, the US Virgin Islands and Vanuatu, the EU announced.

(Novi Magazin, 10.10.2019)


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