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.
Should raw milk sales be banned or should consumers decide?
Swiss food regulations do not allow raw milk to be sold for direct consumption. However, a loophole allows 400 raw milk vending machines to do just that.
This content was published on
There is "no Europe à la carte", declared the deputy prime minister of Luxembourg, where the European Commission is briefing member states on the state of negotiations with Switzerland.
Almost 200 people die a year in Switzerland doing sport
This content was published on
Every year, an average of 185 people die while playing sport in Switzerland. Most of the fatal sports accidents occur in mountain sports.
Swiss regulator tells UBS to strengthen its crisis plans
This content was published on
UBS must improve its emergency plans following its takeover of Credit Suisse to ensure the bank can be wound down or sold without risking financial stability and taxpayer cash, Swiss regulator FINMA said on Tuesday.
New minimum sentences for first-time speeders in Switzerland
This content was published on
A driver caught speeding in Ticino has received a conditional fine instead of the conditional prison sentence imposed at first instance.
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.