The European Commission (‘Commission’) has issued a recommendation to Member States that undertakings with links to tax havens (see list) and/or undertakings that have been convicted of serious financial crimes should not be beneficiaries of any state aid.
The aim behind this recommendation is to avoid the misuse of public funds and to strengthen safeguards against tax abuse and financial crime throughout the Union. Nevertheless, it ought to be noted that the recommendation does not absolutely prohibit every undertaking with a link to a listed non-cooperative jurisdiction from receiving State aid.
Member States are to make known to the Commission the measures they will implement in this regard and the Commission is expected to issue a report on the impact of these recommendations in three years’ time.
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