Italy removes Belize from its “Black Lists”

On April 1, Italy’s Minister of the Economy and Finance, Pier Carlo Padoan, signed two documents to modify Italy’s “black lists.” Belize has been removed from its black list. It is hoped that this move will enhance economic cooperation between the jurisdictions.

The Italian Stability Law specified another black list under which expenses incurred in transactions with residents in a jurisdiction would not be deductible. For this list, the criterion that such a jurisdiction should not have a privileged tax regime has been eliminated, leaving only the presence of an adequate TIEA with Italy as the determining factor. The “non-deductibility of costs” list now therefore includes only 46 tax jurisdictions. Belize has been cancelled from it along with 20 other jurisdictions including Guernsey, Jersey, the Isle of Man, Gibraltar, the British Virgin Islands, the Cayman Islands, etc.

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