On October 10 they are expected to remove Switzerland 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 on Friday, acknowledging that a tax reform passed last year – and due to be in force from 2020 – was sufficient to meet EU demands.
The United Arab Emirates (UAE) will be dropped 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.
That would leave nine jurisdictions on the list: Belize, Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu and the three US territories of American Samoa, Guam and the US Virgin Islands.
Blacklisted states face reputational damage and stricter controls on transactions with the EU.
Tax reforms
The 28-nation EU set up a blacklist and a grey list of tax havens in December 2017 after revelations of widespread avoidance schemes used by corporations and wealthy individuals to lower their tax bills. The lists are regularly reviewed to take account of overhauls or to add new jurisdictions.
The EU placed Switzerland on the grey list in December 2017. There had been fears that Switzerland would be black-listed after voters rejected corporate tax reforms earlier in the year. Voters believed the new regime would unfairly benefit big companies at the expense of smaller firms and individuals.
Albania, Costa Rica, Mauritius and Serbia are also set to be removed from the grey list next week. Dozens of jurisdictions around the world remain listed, including the Cayman Islands, Turkey, the Bahamas and Bermuda.
If they fail to deliver on their commitments by set deadlines, they are moved to the blacklist.
More
More
Switzerland placed on EU tax ‘grey list’
This content was published on
The European Union has deemed Switzerland to be partially compliant on tax matters.
Fish and aquatic plants are under ‘severe pressure’ in Swiss rivers and lakes
This content was published on
Fish, aquatic plants and other animals in Swiss rivers, lakes and streams remain under 'severe pressure', according to the Federal Office for the Environment.
Swatch withdraws ‘slanted eyes’ ad after China uproar
This content was published on
The Swiss watch manufacturer Swatch has apologised and withdrawn an advertising campaign worldwide following accusations of racism in China. The ad features a model pulling the corners of his eyes.
Police identify bodies of three climbers who died in Swiss Alps
This content was published on
Police have formally identified the bodies of three climbers who died in the Upper Valais region in early August: they are from Germany, France and Austria.
Bern exhibition reunites Kirchner paintings after 92 years
This content was published on
The painting Sonntag der Bergbauern (Alpsonntag) [Sunday of the Mountain Farmers (Alp Sunday) by Ernst Ludwig Kirchner (1880-1938) is being transferred from Berlin to Bern to feature in an upcoming exhibition at Kunstmuseum Bern.
Voters approve extension of Engadine Airport in Switzerland
This content was published on
Residents in the Upper Engadine region gave the greenlight on Sunday to the expansion of the regional airport at Samedan, one of Europe’s highest airports (1,707 metres) that serves the nearby resorts of St Moritz and Davos.
Private equity group Advent to buy U-Blox for $1.3 billion
This content was published on
Private equity group Advent International has agreed to take over Switzerland's U-Blox Holding in a cash offer worth CHF1.05 billion ($1.30 billion).
Trump made direct financial demands during call with Swiss president
This content was published on
During the telephone call between Karin Keller-Sutter and Donald Trump on July 31, Trump demanded direct payments from Switzerland, according to an investigation by SonntagsBlick.
Demonstrators in Swiss capital demand better access to mental health care
This content was published on
Thousands of people demonstrated in Berne on Saturday afternoon against long waiting lists, the lack of therapy places and the absence of a clear pricing structure.
This content was published on
Swiss companies' expectations for salary growth are down by 0.3 percentage points compared to a year ago, according to a survey conducted by the Center for Economic Research (KOF).
One Swiss national killed in plane accident in southern France
This content was published on
A Swiss national was killed alongside a German national in a crash involving two light aircraft on Saturday afternoon in Saint-Pons, south-eastern France.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
EU tax grey list splits Federal Council
This content was published on
“I rate the significance of the list as negligible,” Maurer said on Sunday in an interview with the Zentralschweiz am SonntagExternal link and the Ostschweiz am Sonntag, adding there was “absolutely no reason” for Switzerland to be on the list. The EU’s decision changed “absolutely nothing”, said Maurer, who expected no negative consequences for Switzerland…
This content was published on
“Today I met several bankers in Zurich. They were all shaking their heads saying, ‘In 40 years of operations we’ve never had a crisis like this one – a war like the one being waged against the Swiss banking system. We’re in the artillery sights of every country and every day there are new attacks’,” recounted Paolo…
This content was published on
The global economic crisis has triggered a public outcry against tax havens which is here to stay, journalist and author Nicholas Shaxson told swissinfo.ch. Shaxson believes that Switzerland – and other global tax havens – cannot resist the rising tide of sentiment against the illicit offshore financial system for much longer. The only question is…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.