Italy removes Cayman from its Black Lists

Italy has removed the Cayman Islands from its “black list” because the jurisdiction already has the Tax Information Exchange Agreement (TIEA) in effect.

On April 1, Italy’s Minister of the Economy and Finance, Pier Carlo Padoan, signed two decrees that modify Italy’s “black lists”. The two decrees follow the guidelines laid down in Italy’s 2015 Stability (Budget) Law. The Stability Law specified another black list under which expenses incurred in transactions with residents in a jurisdiction would not be deductible.

The “non-deductibility of costs” list now therefore includes 46 tax jurisdictions, while 21 including the Cayman Islands have been cancelled as already having TIEAs in effect. Also, Alderney, Guernsey, Jersey, the Isle of Man, Gibraltar, the British Virgin Islands, Anguilla, the Netherlands Antilles, Aruba, Belize, Bermuda, Costa Rica, the United Arab Emirates, the Philippines, the Cayman Islands, the Turks and Caicos Islands, Malaysia, Mauritius, Montserrat, and Singapore have been removed from the black list.

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