It said it will discuss the matter with related ministries and respond accordingly.
The OECD's tax haven list published in June 2016 contained only one country - Trinidad & Tobago.
Potential countermeasures that have been tabled on behalf of the European Commission, include limiting access for listed jurisdictions to the European Fund for Sustainable Development, as EU-28 level measures, while the member states could on a country to country bass reinforce monitoring of transactions, increase audit risks for taxpayers benefiting from the regimes at stake or for those using structure involving these jurisdictions. A list of 25 countries is included in the list drawn up by the Code of Conduct Group (Taxation of Undertakings), which includes tax experts from the EU Member States. The bloc plans to update the list at least once a year. We have committed to a reform process which will be finalised by October 2018, and we are absolutely confident this will ensure the UAE is swiftly removed from the list.
European Union Tax Commissioner Pierre Moscovici said he expected EU finance ministers to adopt a blacklist of about 20 tax havens on Tuesday (5 December). "This list needs to be effective, meaning that it needs to allow us to impose sanctions so that those who don't respect rules will change their behavior".
This second list includes Switzerland, Turkey and Hong Kong.
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The Council concluded that these countries are non-cooperative jurisdictions for tax purposes because they did not meet Council criteria established in November 2016 and did not provide a sufficient commitment to meet these criteria in the future. "If we see that countries are not implementing the commitments, there is the possibility that they will end up on this tax list".
The EU proposed new rules a year ago that would force multinational companies that operate in the bloc to reveal details about their operations in tax havens and summarize how much tax they pay in countries around the world.
"We must do everything we can to keep up the pressure on all of these countries", he said. Others, too, were asking why countries like Luxembourg, Malta and Britain - whose crown dependency Isle of Man featured prominently in the Paradise Papers - were not included.
The EU is calling on countries with non-transparent tax regimes and structures exclusively created to shield companies' profits from tax to reform their systems.