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The EU, via the Economic and Financial Affairs Council (Ecofin), has updated its so-called ‘blacklist’ of non-cooperative tax jurisdictions to encompass 15 countries, including Bermuda, Barbados and the United Arab Emirates (UAE).

A number of jurisdictions have been added to the blacklist for failing to satisfy, by 31 December 2018, what the EU bodies considered adequate in-country substance requirements in order for entities to qualify for their beneficial tax systems.