Clifford Chance

Luxembourg publishes draft rules to limit deductibility of payments to blacklisted countries

6 April 2020

On 5 December 2017, the Council of the European Union ("EU") approved and published conclusions on the EU list of non-cooperative countries and territories in tax matters (the "List"). The List is published in the Official Journal of the EU as Annex I to the said Council conclusions.

The EU list currently includes the Cayman Islands, American Samoa, Fiji, Guam, Oman, Palau, Panama, Samoa, Trinidad, Tobago, the US Virgin Islands, Vanuatu and the Seychelles.

It was agreed that the Member States shall implement defensive measures having a deterrent effect on the listed countries and territories.

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