(Bloomberg) -- The European Union decided to add Russia to its blacklist of non-cooperative jurisdictions on tax matters because it concluded Moscow failed to address harmful practices on intellectual property and other issues before talks halted following the invasion of Ukraine.
EU finance ministers meeting Tuesday also added the British Virgin Islands, Costa Rica and the Marshall Islands to the list.
The blacklist previously included 12 jurisdictions that haven’t satisfied EU demands on issues including tax transparency and fair taxation.
The European Commission, the bloc’s executive arm, also pushed to list Qatar, but member states declined to add it for the time being, since Doha put forward legislation that addressed the bloc’s concerns, said people familiar with the matter.
Qatar was granted additional time to implement tax reforms given that it faced constitutional reform constraints to complete the changes in time. But the country will be blacklisted if the government fails to deliver on its commitments, the people said.
©2023 Bloomberg L.P.
BNN Bloomberg Picks
Declining prices shift Canadian views of homes as investments
How will the Canada 'mortgage charter' impact homeowners, bank earnings?
Here are the key takeaways from Canada's budget update
'A long time coming': Ottawa looks at requiring corporate climate disclosures
Rona Ambrose: Fiscal update 'very concerning' for Canadians
Business leaders 'disappointed' with fiscal update details