UAE set to be taken off EU list of tax havens

The UAE is set to be removed from a European Union (EU) blacklist of countries alleged to be tax havens.

Citing an official EU document, a Reuters report says the UAE will be removed from the tax haven blacklist. Along with the UAE, Switzerland and the Pacific nation of the Marshall Islands are also set to be removed.

The countries will reportedly be removed from the list on Thursday, October 10.

In March, UAE officials condemned the nation’s inclusion on the blacklist. “This inclusion was made despite the UAE’s close cooperation with the EU on this issue and ongoing efforts to fulfil all the EU’s requirements,” officials said in a statement carried by Emirates News Agency (WAM).

The officials added: “The UAE remains firmly committed to its long-standing policy of meeting the highest international standards on taxation.”

While the UAE is to be taken off the blacklist, neighbouring Oman appears set to remain.

READ: Are you setting up your company in line with the new UAE economic substance rules?

The blacklist was first drawn up in 2017.