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Sat 5 Oct 2019 03:42 PM

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UAE to be removed from EU tax haven blacklist

EU list of uncooperative tax havens was first drawn up in 2017

UAE to be removed from EU tax haven blacklist
A view of European flags in front of the European Commission headquarters at the Berlaymont Building in Brussels during the federal regional and European elections in Belgium on May 25 2014 Twenty one European Union member states headed to the polls today on the fourth and final day of voting for the European Parliament which began in Britain and the Netherlands on May 22 AFP PHOTO BELGA SISKA GREMMELPREZ BELGIUM OUT Photo credit should read SISKA GREMMELPREZAFPGetty Images

The United Arab Emirates is soon set to be removed from a European Union blacklist of countries deemed to be tax havens, according to a Reuters report citing an official EU document.

The document said the UAE, along with Switzerland and the Pacific archipelago of the Marshall Islands, will be removed from the list of uncooperative jurisdictions on October 10.

In March the UAE slammed the inclusion of the country on the list.

"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," Emirati officials said an official statement published by the WAM state news agency.

"The UAE remains firmly committed to its long-standing policy of meeting the highest international standards on taxation," it said.

The UAE "will continue to update its domestic legislative framework in this regard," it added.

The blacklist of countries was first drawn up in 2017 and also included Oman.