European Union finance ministers agreed on Tuesday to remove eight jurisdictions from its 17-country tax haven blacklist after they committed to cooperating on tax and abiding by EU standards.
“Eight jurisdictions have been removed from the EU’s list of non-cooperative jurisdictions for tax purposes, following commitments made at a high political level to remedy EU concerns,” an EU statement said.
Barbados, Grenada, South Korea, Macao, Mongolia, Tunisia and the United Arab Emirates joined the most controversial country to be removed, Panama.
Read more: South Korea to EU: We are not a tax haven
Vladislav Goranov, the finance minister of Bulgaria, the country holding the rotating EU Presidency, said that the initiative proved that “jurisdictions around the world have worked hard to make commitments to reform their tax policies.”
France’s Finance Minister Bruno Le Maire tweeted that “European pressure has brought its first results!”
The list was drawn up just last month in a bid to double down on tax