PARIS (Reuters) - France plans to remove Jersey and Bermuda from its list of uncooperative tax havens as a result of an improved exchange of information, the French finance ministry said on Monday.
France had added the two countries to its blacklist in August in a move paving the way for penalty taxes as it tries to crack down on tax evasion.
“As of today, Bermuda and Jersey have satisfied all of France’s requests for information, which will enable them to avoid reprisals contained in the law,” the ministry said in a statement on its website.
France set up a blacklist of countries it considers to be opaque and uncooperative in tax matters, which are subject to sanctions in the form of additional taxes on all capital flowing to and from France.
The blacklist will be updated next year after Finance Minister Pierre Moscovici and Budget Minister Bernard Cazeneuve wrote to the relevant committees of the French lower and upper houses of parliament signalling progress by the two countries.
Governments worldwide are attempting to fight tax evasion and plug holes in their national coffers in the wake of the 2008 financial crisis.
Reporting by James Regan