At the Global Forum on Transparency and Exchange of Information for Tax Purposes of 4 November 2016, a procedure was been put in place to allow non-compliant countries to demonstrate their progress made in adopting the international standard of exchange of information.
As a result, Guatemala, Marshall Islands, Micronesia (the federal states of) and Panama were removed from the list of non-compliant countries. The only country left on that list is Trinidad and Tobago.
Hence, on 28 October 2017, Belgium issued a circular letter updating the list of countries for which a reporting obligation exists for all direct and indirect payments of EUR 100,000 to tax havens or non-compliant countries .
As a consequence, for Trinidad and Tobago the reporting obligation remains in place but in respect of Guatemala and Panama, the reporting obligation on applies only to payments made between 4 November 2016 and 21 June 2017.
Since the Marshall Islands and Micronesia (the Federal States of) are also considered to be tax havens, noting changes for payments made to accounts held in or persons established in these jurisdictions.