The EU has given Bahamas, Belize, Seychelles, and the Turks and Caicos Islands a clean bill of health on tax compliance after removing them from the list of non-cooperative tax jurisdictions
The EU said that Bahamas, and Turks and Caicos Islands have addressed issues related to a lack of tax transparency and they now meet EU requirements to conform with OECD rules targeting harmful tax practices. The countries had been on the list since October 2022.
In the latest OECD Forum of Harmful Tax Practices (FHTP) assessment, the recommendations to both jurisdictions to remedy these deficiencies were converted from ‘hard’ to ‘soft’, which allowed the Code of Conduct Group to consider these jurisdictions compliant with the standard for jurisdictions with no or only a nominal corporate income tax.
In October 2023, Belize and Seychelles were added to the EU list of non-cooperative jurisdictions for tax purposes after a negative assessment from the OECD Global Forum related to exchange of information requests, where tax authorities share details on local taxpayers.
