Maldives removed from this list, EU blacklists 17 countries as “non-cooperative” tax jurisdictions

The European Union (EU) has blacklisted 17 countries as “Non-cooperative tax jurisdictions” in their report, “A Fair and Efficient Cooperate Tax System in the European Union”, issued on 5 December 2017.

This list comprises of countries with fraudulent tax systems and is compiled by the EU for the purpose of discouraging rules and regulations that pave ways for large businesses and the rich to evade or avoid tax. Maldives is no longer in this list and this is due to the numerous efforts made by the Maldives Inland Revenue Authority together with the Government of the Maldives to strengthen the tax system in the country, after examining the factors that contributed to the Maldives being included in the initial list. Additional measures are currently being deliberated to be implemented under the guidance of the EU in order for the Maldives to become a competitive jurisdiction in regard to taxation.

Maldives has also joined the Global Forum on Transparency and Exchange of Information for Tax Purposes, led by the Organization for Economic Corporation and Development (OECD) in order to improve in global contribution and enhance the tax system. Further to this, the President of the Maldives declared that Maldives will become a member country of the “inclusive framework”, composed by the OECD and the G20 member countries to abolish global tax jugglery.

The Minister of Finance and Treasury has assured EU that the tax authority of the Maldives has the full support of the Government of the Maldives in all its efforts to help the country strive against tax evaders on a global level. The minister has also extended further support and encouragement of Maldives’ involvement in EU’s initiative to strengthen the global tax system.

07 Dec 17