Jersey and Bermuda of Frances' black list

By in

BlacklistPierre Moscovici France’s Finance Minister has proclaimed the success of the so-called ‘black list’, this is a list of jurisdiction deemed uncooperative regarding tax matters (ETNC), claiming that both Jersey and Bermuda are now cooperating with France because of it, and have been removed from the list. This came on the back of last year’s sanctions towards countries France alleged were failing to cooperate with its tax authorities, giving them one year to comply or face ‘retaliatory’ tax measures. The idea being to increase tax transparency. Bermuda and Jersey decided on ‘modify their practices,’ both of them replying to all requests from France., Jersey taking it one step further and agreeing to remove ‘technical obstacles’ on information exchange. However BVI which was also put on the list, has up till now not responded to the requests. The Finance Minister insisted the criteria for the list was legal and was based strongly on the level of fiscal cooperation with France.