EU Keeps Morocco on Tax Haven ’Grey List’, Demands Reforms

While the international NGO Oxfam had campaigned for the integration of the kingdom into the new blacklist, the Europeans have given it a new chance but it must, to do so, reform several tax laws to be in compliance with European regulations.

"These jurisdictions have not implemented the commitments they had made to the EU within the agreed deadlines," explains the EU Economic and Financial Affairs Council (Ecofin), announcing the integration into the blacklist of ten new countries: the island of Aruba, Belize, Bermuda, Fiji, Oman, Dominica, Barbados, the United Arab Emirates, the Marshall Islands and Vanuatu, in addition to the five jurisdictions that have been part of it since last year: American Samoa, Samoa, Guam, Trinidad and Tobago and the US Virgin Islands.

As for Morocco, it had committed to completely eliminate tax regimes related to manufacturing activities and similar activities, and Europe is giving it until the end of the year to fully adapt its tax legislation. In case of failure, it will be included in the blacklist.