UAE 'regrets' decision by European Union to include it in list of non-co-operative tax jurisdictions
The Emirates had been moved to 'grey list' status after commitments made last year
The UAE said on Tuesday that it regrets the European Union's decision to re-include it in its blacklist of non-co-operative tax jurisdictions.
EU Finance Ministers updated the list after screening 92 countries based on tax transparency, good governance, real economic activity and the existence of a zero corporate tax rate.
Fifteen countries were blacklisted on Tuesday. Among them were American Samoa, Guam, Samoa, Trinidad and Tobago, and the US Virgin Islands, which "have taken no commitments since the first blacklist adopted in 2017", the EU said.
The UAE had been moved to "grey list" status last year after commitments it made towards transparency in tax procedures.
Its re-inclusion was made "despite the UAE’s close co-operation with the EU on this issue and continuing efforts to fulfil all of the EU’s requirements", according to a statement on Wam.
According to the EU's procedures, a letter will now be sent to all jurisdictions on its list explaining the decision and what they can do to be delisted.
The UAE said it "remains firmly committed to its long-standing policy of meeting the highest international standards on taxation, including the OECD’s requirements, and will continue to update its domestic legislative framework in this regard".
It also said it has also shared with the EU a detailed timeline of actions currently being implemented "in accordance with its sovereign legal process and constitutional requirements".
The EU said on Tuesday that its tax haven blacklist screening process will be extended to include the G20 countries Russia, Mexico and Argentina.
Updated: March 13, 2019 02:48 PM