Barbados has been removed from the European Union’s (EU) list of non-cooperative tax jurisdictions.
Seven other countries, including fellow Caribbean Community (CARICOM) member state Grenada, the Republic of Korea, Macao SAR, Mongolia, Panama, Tunisia and the United Arab Emirates, have also been moved to a separate category of jurisdictions, subject to close monitoring.
In a statement, the EU council said “it agreed that a delisting was justified in light of an expert assessment of the commitments made by the jurisdictions to address deficiencies identified by the EU”. It noted that these commitments were backed by letters signed at a high political level.
The Barbados Government had mounted a strong lobby, led by Minister of Industry, International Business, Commerce and Small Business Donville Inniss and officials from the international business sector, after the list was issued on December 5 and the island was named among jurisdictions not doing enough to crackdown on offshore avoidance schemes.
Nine countries, including St Lucia and Trinidad and Tobago, remain on the EU blacklist.