EU Ministers Settle Adjustment to Tax Planning Directive

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Unsurprisingly, there have been positive developments towards relations between Europe and several Caribbean jurisdictions; after the finance ministers for EU Member States’ met last week and settled to remove St Kitts & Nevis and the Bahamas from their blacklist of non-cooperative jurisdictions.

The move comes in light of the Bahamas undertakings to radically reform their corporate tax systems and bring them in line with the global standard. Ministers also agreed to adopt the EC’s proposal to modify the Mutual Assistance Directive (2011/16/EU) thereby requiring all financial intermediaries within the jurisdictions to report all theoretically belligerent cross-border tax planning schemes.