The European Union has removed the United Arab Emirates from the list of "tax havens", after the approval of the finance ministers of the EU member states to remove several countries, notably the UAE, the Marshall Islands and Switzerland from the list of tax havens, or what is known as the blacklist.
The decision came after the Europeans confirmed that the UAE had taken all the measures and reforms it had undertaken in relation to its tax policy. The Marshall Islands will remain under surveillance, while other countries such as Switzerland, Albania, and Costa Rica have been written off.
The list has been developed by the European Union as a contribution to strengthening international action to combat tax evasion and to enhance tax transparency.
The EU has lifted Switzerland, its top economic partner, from the gray list of countries that have committed to changing their tax rules to bring them into line with EU standards after they have fulfilled their full obligations.
Source (Asharq Al-Awsat newspaper, Edited)
