(Changing dateline) ABU DHABI, The United Arab Emirates regrets the decision of the Council of the European Union on Tuesday to add it to the EU list of non-cooperative jurisdictions for tax purposes.
This inclusion was made despite the UAE’s close cooperation with the EU on this issue and ongoing efforts to fulfill all the EU’s requirements, according to a statement carried by the UAE news agency (WAM).
The UAE remains firmly committed to its long-standing policy of meeting the highest international standards on taxation, including the OECD’s requirements, and will continue to update its domestic legislative framework in this regard, the statement said.
In furtherance of this commitment, the UAE has shared with the EU a detailed timeline of actions that it is currently implementing in accordance with its sovereign legal process and constitutional requirements, it added.
The European Council has adopted a revised list of non-cooperative tax jurisdictions, adding 10 jurisdictions to the already-listed five; these are Aruba, Barbados, Belize, Bermuda, Dominica, Fiji, Marshall Islands, Oman, the UAE and Vanuatu.
Source: Kuwait News Agency