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  • Writer's pictureMarco Zawar MBA (VWA)/ LLM (MCI, FSFM)

The European Union (EU) removed Hong Kong amongst four other jurisdictions from their “Grey list”.

On February 20th, 2024, the Council of the European Union released, approved by the General Affairs Council, a revised EU list of non-cooperative jurisdictions for tax purposes which resulted in Albania, Aruba, Botswana Dominica Israel and Hong Kong being removed from the grey list.
The EU grey list, officially known as Annex II of the “EU list of non-cooperative jurisdictions for tax purposes, serves key aims.
The primary aim is to incentivize countries to comply with international standards on the automatic exchange of information and information exchange on request.
By listing jurisdictions with shortcomings in tax transparency, fair taxation, and BEPS implementation, the EU aims to encourage them to improve their policies and adhere to international standards. 
The grey list is considered a less severe measure compared to the EU list of non-corporative jurisdictions for tax purposes (Annex I) also known as the EU blacklist, which includes after the revision American Samoa, Anguilla, Antigua and Barbuda, Fiji, Guam, Palau, Panama, the Russian Federation, Samoa, Trinidad and Tobago, the U.S. Virgin Islands, and Vanuatu
The Bahamas and Turks and Caicos Islands are moved from Annex I into Annex II.
Being on the grey list serves as a warning and an opportunity for improvement, while the blacklist entails stronger sanctions and defensive measures.
You can find the current list and more information on the EU's website.
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