EU to remove Switzerland, UAE from tax haven lists

October 04, 2019

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UAE will be removed from EU's blacklist, which includes countries that have failed to cooperate with EU on tax matters. — AFP/File
UAE will be removed from EU's blacklist, which includes countries that have failed to cooperate with EU on tax matters. — AFP/File

European Union finance ministers are set to remove Switzerland and United Arab Emirates (UAE) next week from the bloc's lists of countries deemed to act as tax havens, an EU document said.

On October 10 they are expected to drop UAE from the blacklist, which includes jurisdictions that have failed to cooperate with the EU on tax matters. The Pacific archipelago of the Marshall Islands will also be removed from that list.

Switzerland will be removed from the grey list that includes countries that have committed to change their tax rules to make them compliant with EU standards. Switzerland has delivered on its commitments, the document said.