European Union officials have proposed removing the UAE from a blacklist of tax havens the bloc adopted in December.The Government said it was focused on keeping up the highest standards of financial oversight and tax regulations and anticipated that would be expelled from the rundown after the execution of remarkable measures this year.The UAE has worked to meet the European Union’s necessities in terms of exchanging tax-related information. The ministry said it expected to be taken off the blacklist once it had compiled with Base Erosion and Profit Shifting (BEPS) Minimum Standard, a rule that seeks to limit shifting of profits to jurisdictions where there is low or no taxes.If the recommendation were confirmed by EU ministers, the eight jurisdictions will be moved to a so-called grey list which includes those who have committed to change their rules on tax transparency and co-operation.The grey list currently includes 47 jurisdictions.
Eight of the 17 jurisdictions currently listed, including the UAE, are set to be quickly removed from the list after they offered to change their tax rules.
The UAE’s commitment to implement the BEPS minimum standards, alongside its commitments on the automatic exchange of information and to sign the OECD Multilateral Convention on Mutual Administrative Assistance (MAC), allows the UAE to move to the so-called grey shade.
The UAE has resolved to conclude that by October 2018 and confirm it by March 2019 to give time for full usage over the seven emirates.
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