European Union member states Tuesday approved Tunisia’s removal from the grey list of non-cooperative tax jurisdictions.
The bloc’s finance ministers updated the list as several countries met the pledges made in 2017 and introduced reforms.
“25 countries from the original screening process have now been cleared,” the European Commission said in a press release.
These countries are Andorra, Bahrain, Faeroe Islands, Greenland, Grenada, Guernsey, Hong Kong, Isle of Man, Jamaica, Jersey, Korea, Liechtenstein, Macao, Malaysia, Montserrat, New Caledonia, Panama, Peru, Qatar, San Marino, St. Vincent and the Grenadines, Taïwan, Tunisia, Turks and Caicos Islands and Uruguay.
The clear, credible and transparent process bears fruit: Since December 2017, many of the screened countries have been changing their national laws and tax systems to comply with international standards.
“The EU tax havens list is a true European success. It has had a resounding effect on tax transparency and fairness worldwide,” said Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs.