During a meeting last week of the EU Code of Conduct Group, the Member States approved the proposed amendments to the Republic of the Marshall Islands (RMI) Economic Substance Regulations promulgated by the Registrar of Corporations. The amendments warrant removal of the RMI from the list of non-cooperative jurisdictions for tax purposes.
The outcome of the meeting confirms that, upon passage of the amendments, a recommendation for the removal of the RMI from the list of non-cooperative jurisdictions for tax purposes will be made to the Economic and Financial Affairs Council (ECOFIN).
This comes following multiple months of negotiations between the RMI and representatives from the EU Code of Conduct Group and European Commission.
The Marshall Islands is extremely pleased to hear that the changes to the Economic Substance Regulations have been met positively by the EU. Based on the outcome of last week’s EU Code of Conduct Group meeting, the Marshall Islands expects to be delisted as a non-cooperative jurisdiction at the earliest opportunity, which will be following the September and October meetings of the EU Code of Conduct Group and ECOFIN,
…said RMI Minister of Finance, Brenson S. Wase.
We look forward to the outcome of the fall meetings and the removal of the Marshall Islands from the EU list of non-cooperative jurisdictions,
…added James Myazoe, RMI Deputy Registrar of Corporations.
