20 February 2023
Romania | Updated EU list of Non-cooperative Jurisdictions for Tax Purposes
On 14th February 2023, the EU Council revised the existing list of non-cooperative jurisdictions for tax purposes that was established in 2017.
British Virgin Islands, Costa Rica, Marshall Islands and Russia were added to the list, which now consists of 16 jurisdictions that are listed below:
- American Samoa
- Anguilla
- Bahamas
- British Virgin Islands
- Costa Rica
- Fiji
- Guam
- Marshall Islands
- Palau
- Panama
- Russia
- Samoa
- Trinidad and Tobago
- Turks and Caicos Islands
- US Virgin Islands
- Vanuatu
The list includes countries that either have not engaged in a constructive dialogue with the European Union on tax governance or haven’t followed through on their commitments to carry out the required reforms that aim to comply with a set of tax governance criteria, such as tax transparency, fair taxation and adaption of international standards designed to prevent tax base erosion and profit shifting.
The list will be updated again in October 2023.
Impact on businesses operating in Romania
Romanian taxpayers that perform transactions with entities located in a jurisdiction that is part of the EU list of non-cooperative jurisdictions for tax purposes may be subject to the below implications.
Baker Tilly team can assist you with the following:
- Accounting Country-by-Country reporting for corporate income tax purposes
- Tailored tax advise for potential transactions that may be affected by the new legislative changes
- Assistance with the DAC6 compliance reporting
- Compliance with the Ultimate
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