A Diplomatic Victory … Morocco Withdrawn From EU List of Tax Havens
Morocco is withdrawing from its “grey” list of tax havens
The European Union announced today, Monday, February 22nd, that Morocco is withdrawing from its “grey” list of tax havens to implement the necessary reforms suggested by the union.
Finance and Economy Ministers of the Euro area announced, in a statement today, that the 28 member states of the European Union have withdrawn the Kingdom of Morocco from the grey list of tax havens, following its commitment to pledges in the field of tax cooperation.
Morocco was on the grey list among countries that have committed to adopt good practices in the fiscal field, especially in terms of transparency and fiscal fairness. The European Union gives grey-listed countries a period of additional months to fulfill their obligations and amend their tax systems.
It is noteworthy that the European Union developed a blacklist and a grey list of tax havens in December 2017, after uncovering widespread tax evasion programs used by companies and wealthy people to reduce tax bills.
The grey list of tax havens includes countries that have committed to modifying or eliminating their harmful tax practices. As for the black list, it concerns countries with tax systems that attract companies and the wealthy to reduce taxes they are ought to pay or allow them to evade taxation.