Brussels – Panama and Vietnam have been removed from the European Union’s blacklist of tax havens. The Ecofin Council issued an update today (9 October) The list now comprises eight countries and territories. The half-yearly review takes into account the progress made in international tax cooperation and the commitments made to comply with European and international standards. Following this update, in the main list, Annex I, the following remain on the list: American Samoa, Anguilla, Guam, Palau, Russia, the Turks and Caicos Islands, the US Virgin Islands, and Vanuatu.
However, the removal of Panama and Vietnam from the blacklist does not mark the end of the compliance process. Both countries have been transferred to Annex II, which includes jurisdictions that have made commitments or initiated reforms to comply with international tax standards, but where verification processes remain to be completed.
Panama had been on the blacklist since February 2020. The country has reformed its tax exemption regime for foreign-source income, which was deemed harmful, and has received a new positive assessment from the OECD Global Forum on the exchange of tax information on request. Its transfer to Annex II remains subject to the required checks. Vietnam, on the other hand, had been added to the main list in February 2026, after an assessment by the Global Forum had highlighted shortcomings in the system for the exchange of tax information. Following the reforms undertaken, Hanoi has also been moved to Annex II, pending further assessments.
There is also news regarding Belize, which has been removed from Annex II following a positive assessment by the OECD Global Forum of its tax information exchange systems, thereby fulfilling the commitments it had undertaken.
Established in December 2017, the European list forms part of the EU’s strategy to combat tax evasion and avoidance. The assessment criteria include tax transparency, the fairness of tax systems and the implementation of international standards against base erosion and artificial profit shifting.
Brussels’ aim is to promote greater international tax cooperation, encouraging reforms through dialogue and combating practices that encourage unfair tax competition. The next review of the list is scheduled for February 2027.
English version by the Translation Service of Withub
