EU removes UAE from tax haven blacklist

EU removes UAE from tax haven blacklist

The European Union on Thursday agreed to remove the United Arab Emirates, Switzerland and Mauritius from its tax haven blacklist.

UAE has passed the necessary reforms to implement the commitments it had made to improve its tax policy by introducing “economic substance requirements”, the EU said in a statement.

“Consequently, the UAE is now compliant with all commitments on tax cooperation and can be delisted,” the EU added.

In 2017, UAE was added to the blacklist along with several other countries following revelations of widespread tax avoidance schemes used by corporations and wealthy individuals.

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