The Council of the European Union (EU) announced today that it will remove Belize from its list of non-cooperative tax jurisdictions.
“Belize has passed the necessary reforms to improve its tax regime for international business companies that was due to be implemented by end 2018,” a statement from the EU outlined.
“Belize will, therefore, be moved from annex I of the conclusions to annex II, pending the implementation of the country’s commitment to amend or abolish the harmful features of its foreign-sourced income exemption regime by end 2019,” the statement continued.
According to the EU Council, the list contributes to its on-going efforts to prevent tax avoidance and promote good governance principles such as tax transparency, fair taxation or international standards against tax base erosion and profit shifting.
Established in December 2017, the list was revised in March 2019, after which it was adopted by the EU Council. Another eight jurisdictions still remain non-compliant, the EU stated, among them being Trinidad and Tobago and the US Virgin Islands.
“The work on the EU list of non-cooperative jurisdictions is a dynamic process. The council will continue to regularly review and update the list in 2019, whilst it has requested a more stable process as from 2020 (two updates per year),” the statement ended.