Addendum to the "NCJ Policy"

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Addendum to the "NCJ Policy"

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  •  Date: 08 April 2014
ncj policy addendum en

The EIB is constantly monitoring progress in international standards in order to maintain its leading role amongst International Financial Institutions in the fight against tax fraud, tax evasion and harmful tax practices and to ensure that its NCJ Policy keeps abreast of any material developments.

In this respect, the Bank welcomes the efforts of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes and the publication on 22 November 2013 of the overall country ratings for the first 50 jurisdictions which have completed both Phases 1 and 2 of the Global Forum peer review process.

The EIB confirms that all its operations linked to jurisdictions which present material deficiencies with respect to international tax standards, as identified by the Global Forum, will be subject to the strict control and reporting framework established under its NCJ Policy until adequate remedial action is taken by the relevant jurisdiction.

Given the complex rating methodology and long review period required for the Global Forum reassessment of countries presenting material deficiencies, the EIB, in line with other peer institutions, has agreed to grant a limited suspension of the application of the relocation requirements to jurisdictions that are genuinely committed to taking adequate remedial action so that they are not excessively penalised during the long reassessment process.

In order to benefit from such a limited suspension, the jurisdictions concerned will have to comply with the strict deadlines and conditions set out in the Addendum.

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