Basseterre, St. Kitts, May 25, 2018 (SKNIS): The Federation of St. Kitts and Nevis, along with the Bahamas, has been removed from the European Union (EU) List of Non-Cooperative Tax Jurisdictions as of May 25, 2018, following a decision taken at a meeting of the Economic and Financial Affairs Council, according to a press release from the Council of the EU dated May 25, 2018.
“The Bahamas and Saint Kitts and Nevis have made commitments at a high political level to remedy EU concerns. EU experts have assessed those commitments. As a consequence, the two jurisdictions are moved from annex I of the conclusions to annex II, which cites jurisdictions that have undertaken sufficient commitments to reform their tax policies,” the press release stated.
“Implementation of their commitments will be carefully monitored by the working group responsible for the listing process (code of conduct group),” the press release added.
Seven jurisdictions remain on the list of non-cooperative jurisdictions: American Samoa, Guam, Namibia, Palau, Samoa, Trinidad and Tobago and the US Virgin Islands.
“Having fewer jurisdictions on the list is a measure of the success of the listing process,” said Vladislav Goranov, Minister for Finance of Bulgaria, which currently holds the Council presidency.
“As jurisdictions around the world work to reform their tax policies, our challenge for the rest of the year will be to see that their commitments have been correctly implemented,” Mr. Goranov said in the press release.