EU Blacklist for the UAE: what does it mean and what to expect for businesses?

Publications Written by Assem Muratova

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EU Removes UAE From Tax Haven Blacklist

On the 12th of March, 2019, the Council of the European Union (hereinafter – the “Council”) have adopted a list of a non-cooperative jurisdictions for tax purposes (hereinafter – the “EU blacklist”).

This year the Council has extended the list with ten new countries which, in the Council's opinion, either has not addressed certain EU`s concerns delivered to these countries before, or has not fulfilled their commitments.

Two Gulf Council Countries were added to the EU blacklist this year:

United Arab Emirates;
Oman.

The reason for inclusion of the UAE to the EU blacklist is explained as failure to implement economic substance requirements by the set deadline of 31 December, 2018.

What will be the consequences of the UAE being included to the EU blacklist?
What will happen now?
How will it influence my business in the UAE?

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