Marshall Islands to be rehabilitated
Registrar of Corporations announced it will be removed from EU List of Non-Cooperative Jurisdictions for tax purposes
At a meeting last week of the European Union (EU) Code of Conduct Group, the Member States reviewed and positively assessed the proposed amendments to the Republic of the Marshall Islands (RMI) Economic Substance Regulations, promulgated by the Registrar of Corporations, from the list of non-cooperative jurisdictions for tax purposes, at the earliest opportunity, which will be following the September and October meetings of the EU Code of Conduct Group and ECOFIN.
“This positive progress is the culmination of multiple months of constructive dialogue between the RMI and representatives from the EU Code of Conduct Group and European Commission. The outcome of the meeting confirms that, upon passage of the amendments, a recommendation for the removal of the RMI from the list of non-cooperative jurisdictions for tax purposes will be made to the Economic and Financial Affairs Council (ECOFIN)” says RMI in a statement, boasting the fact that it is the jurisdiction of choice for publicly traded shipping companies.
“We are renowned for modern corporate registry and we are the world's leading ship registry, consistently held in high regard worldwide, maintaining an unprecedented 15 consecutive years on the United States Coast Guard's Qualship 21 roster, a continued firm white list status with the Paris and Tokyo Memorandums of Understanding, and being the only leading registry with a perfect score from the International Chamber of Shipping”.