In recent time, two regulations which define the new, shorter list of countries applying harmful tax competition came into force. These acts relate the personal income tax (PIT) and corporate income tax (CIT).
Countries deleted from the list of tax havens are derived primarily from the areas of the Caribbean, but not only. This applies to Belize and Aruba and the UK dependent territories – Bermuda, Cayman Islands, Montserrat, Turks and Caicos, as well as Gibraltar.
This is the result of an inspection carried out by the OECD. Inspection showed that these countries meet the standards organization for the exchange of tax information. Countries fulfill the other criteria, namely the existence of a legal basis for the exchange of tax information with them.
This change means that transactions with entities registered in such countries will not be so critically assessed by the authorities of fiscal control. This does not change the fact that the list of tax havens still have 31 countries and territories (e. g. Barbados, Liechtenstein, Maldives and Seychelles).
Author of the text: Patryk Szulc
Source of information: Infor.pl