The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters.
Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement.
Dominica implemented its commitments and addressed EU concerns regarding the automatic exchange of financial information after it ratified the OECD Multilateral Convention on Mutual Administrative Assistance. As a result, Dominica will exchange tax information under the common reporting standard with all EU member states from December 2019.
The Code of Conduct Group, which assessed the compliance of countries with EU tax criteria, had already de-listed Aruba, Barbados and Bermuda on 17 May.
The EU says its list is contributing to 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. However there is heavy criticism around the list.
The EU said 11 jurisdictions remain on its list: American Samoa, Belize, Fiji, Guam, Marshall Islands, Oman, Samoa, Trinidad and Tobago, the United Arab Emirates, the US Virgin Islands and Vanuatu.