The list of Non-Cooperative States has been expanded to include Jersey, Bermuda and the British Virgin Islands. As from 1 January 2014, sums paid into these states are subject to a withholding at the source of 75% and are no longer deductible from corporate income tax.
At the end of 2009, on the basis of the resolutions expressed following the G20 summits, France reinforced its arsenal for combatting fraud and tax evasion for transactions made with regard to the countries appearing on a list known as Non-Cooperative States and Territories ("NCSTs"). The list of the NCSTs originated from the list of tax havens that was established by the OECD by taking into consideration their generally very low direct taxation, their rather opaque regulations and their lack of cooperation in transmitting information to the tax authorities of other countries.
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