Today the EU has announced that the United Arab Emirates (UAE) has been removed from its ‘tax blacklist’, a list of non-cooperative jurisdictions for tax purposes.
The UAE has introduced economic substance requirements to their tax policy frameworks which now meet the required EU standards. This follows their commitment to implement these changes by the end of 2018. As a result, the UAE is now compliant with all commitments on tax cooperation and has been removed from the tax blacklist.
In addition to today’s news, Mauritius and Switzerland were both found to be compliant with all commitments on tax cooperation by the EU Council along with Albania, Costa Rica and Serbia.