On March 26th 2019, the Council’s conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes (2019/C 114/02) (hereinafter the “List”) have been published in the Official Journal of the European Union.
The List, which was already composed of American Samoa, Guam, Samoa, Trinidad and Tobago and the US Virgin Islands, has been expanded to include, in addition to those jurisdictions already on the list, Aruba, Barbados, Belize, Bermuda, Dominica, Fiji, Marshall Islands, Oman, Samoa, the United Arab Emirates and Vanuatu.
The reasons for the presence of a jurisdiction in the List may vary; it can be, for example, because such jurisdiction does not apply any automatic exchange of financial information or because it has a harmful preferential tax regime and does not commit to address this issue.
As detailed previously (please refer to our newsletter dated April 2018), the Luxembourg tax authorities pay particular attention to transactions between Luxembourg companies with related companies located in the jurisdictions mentioned in the List. Those taxpayers will have to indicate in their tax return if they had transactions with such related companies and the details of the transactions will have to be provided on demand to the Luxembourg tax authorities.
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