Morocco on way to Leave EU Tax Grey List

Morocco took a series of measures to fight tax evasion, which would eventually lead to taking the country off the EU’s so called tax haven grey list.

Morocco will no longer be part of that list starting January 2020, local media La vie Eco reported, citing the multiple efforts by the country to improve financial transparency.

The decision about Morocco will officially be announced by an EU special committee.

Morocco’s 2020 budget provides for a series of measures to fight tax fraud and evasion and encourage the repatriation of assets held abroad.

Morocco has also shown willingness to comply with tax standards alongside the EU.

Morocco sidestepped being listed in the EU’s tax haven black list in March after promising reforms.

Ten countries, including the UAE, are on the black list, which was approved by the EU’s finance ministers.

The 28-nation EU set up the blacklist in December 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower their tax bills.

Blacklisted states face reputational damages and stricter controls on transactions with the EU although no sanctions have yet been agreed by EU members.