EU takes UAE, Switzerland off tax havens lists

European Union finance ministers have agreed to remove the United Arab Emirates (UAE) and Switzerland from its lists of countries deemed to be acting as tax havens.

The UAE was removed from the bloc's black list that covered jurisdictions that have failed to collaborate with the EU on tax matters, while Switzerland was taken off from its grey list, according to the EU announcement on Thursday.

"The UAE and the Marshall Islands have both passed the necessary reforms to implement the commitments they had made to improve by the end of 2018 their tax policy framework by introducing economic substance requirements," said the statement.

Also, Switzerland, Albania, Costa Rica, Mauritius and Serbia deem to be compliant with EU tax good governance principles.

On the other hand, countries American Samoa, Belize, Fiji, Guam, Oman, Samoa, Trinidad and Tobago, the United States Virgin Islands and Vanuatu are still on the EU's blacklist on tax matters.

The EU tax haven lists were made in 2017 and track jurisdictions that do not cooperate with the bloc on tax matters.

The EU list contributes to on-going efforts to prevent tax avoidance and promote good governance principles such as tax transparency, fair taxation or international standards against tax base erosion and profit shifting.