The European Union Tuesday took away Tunisia from its backlist of non-cooperative jurisdictions also branded “tax haven countries” after the North Africa country implemented demanded reforms that have improved tax policies. The bloc Tuesday published a new review of its non-cooperative countries known as countries favorable to tax fraud, evasion and avoidance. The list was first put together in 2017 to name and shame “non-cooperative jurisdictions for tax purposes”. The 28-nation EU set up the blacklist in December 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower their tax bills. Blacklisted states face reputational damages and stricter controls on transactions with the EU, although no sanctions have yet been agreed by EU states.

Source: The North Africa Journal March 13, 2019 15:11 UTC