Proposed removal of UAE from EU tax-haven blacklist
The UAE is amongst 8 countries recommended to be removed from the EU tax-haven blacklist. The blacklist was introduced by the EU in December of last year, as part of an initiative against tax evasion and to urge countries to observe and adhere to EU standards of tax matters.
The recommendation for removal comes from the UAE Code of Conduct working group on business taxation, and is likely to be implemented towards the end of the month. The effect of the recommendation will see the UAE move from a list of countries which are deemed non-cooperative for tax purposes, to a gray list of countries that will be observed to ensure that their tax practices are compliant with EU standards.
The recommendation is due to be discussed and approved by EU finance ministers at their next meeting on 23rd January 2018.