At the European Union (EU) Economic and Financial Affairs Council (ECOFIN) meeting in Brussels this morning, it was announced that the Republic of the Marshall Islands (RMI) was removed from the EU’s list of non-cooperative jurisdictions for tax purposes.
The ECOFIN’s decision is the culmination of multiple months of constructive dialogue between the RMI and representatives from the EU Code of Conduct Group and European Commission.
“The Marshall Islands was aware in July that the amendments to the RMI Economic Substance Regulations had been positively met by the EU,” said RMI Minister of Finance, Brenson S. Wase. “The amended Regulations have been recognized, through this removal, as fulfilling the RMI’s commitments with respect to the EU’s tax policies,” continued Minister Wase. “This news has been very well-received and we welcome the fact that the EU sees the RMI as a reliable partner,” he concluded.
The RMI will maintain its engagement with the EU and other international institutions to ensure that, within its specific context and scale as a small island nation, international standards of corporate governance and taxation continue to be met.
“We remain firmly committed to further cooperation and constructive dialogue with our EU partners,” concluded James Myazoe, RMI Deputy Registrar of Corporations.