Publication: 2 / 8 / 2019
International Registry: The proposed amendments have been met positively by the EU
The European Union (EU) Code of Conduct Group reviewed and positively assessed the proposed amendments to the Republic of the Marshall Islands (RMI) Economic Substance Regulations, which warrant removal of the RMI from the list of non-cooperative jurisdictions for tax purposes.

The outcome of the relevant meeting and the longstanding cooperation between the EU and RMI authorities confirms that, upon passage of these amendments, a recommendation for the removal of the RMI from the list of non-cooperative jurisdictions will be made to the ECOFIN, being the competent body for this decision.

We are pleased to hear that the proposed amendments have been met positively by the EU," said Theo Xenakoudis, Managing Director of the Piraeus office of International Registries, Inc. which provides administrative and technical support to the RMI Maritime and Corporate Registries. "The Marshall Islands reasonably expects to be delisted as a non-cooperative jurisdiction at the earliest opportunity, which will be following the September and October meetings of the EU Code of Conduct Group and ECOFIN" continued Mr. Xenakoudis.

The Marshall Islands is determined to be involved in a continued dialogue with the EU competent bodies and will ensure implementation of international compliance and transparency standards. As the world's leading shipping and corporate registry, with a high ranking on the scorecard with the major port State control regimes and high-quality owners and operators, this dialogue is critical for our commercial partners and industry stakeholders” he concluded.

Share this article in the following ways:
  Google Plus
  LinkedIn