On Tuesday 17 February, European finance ministers are expected to approve an update to the European Union’s ‘black’ list of jurisdictions that do not cooperate for tax purposes. Vietnam and the Turks and Caicos Islands will be added, while Fiji, Samoa and Trinidad and Tobago will be removed.
According to the draft conclusions, the Code of Conduct Group considered that Vietnam had not obtained at least a ‘Largely Compliant’ rating from the Global Forum for exchange of information upon request. However, it has committed “to addressing the general recommendations of the country-by-country terms of reference (CbCR) (...) in the autumn of 2027 ".
Vietnam had previously appeared on the EU’s ‘grey’ list of jurisdictions committed to governance, and was removed in October 2025 (see EUROPE 13728/17).
The Turks and Caicos Islands were singled out for facilitating “offshore structures and arrangements aimed at attracting profits without real economic substance by failing to take all necessary actions to ensure the effective implementation of economic substance requirements”. They had also appeared on the black and grey lists in recent years.
As a result, the ‘black’ list now includes ten jurisdictions, eight of which have remained on it for several years: Anguilla, Guam, the US Virgin Islands, Palau, Panama, Russia, American Samoa and Vanuatu.
The ‘grey’ list remains unchanged, apart from the withdrawal of Antigua and Barbuda and the Seychelles. The Code of Conduct Group criticises Belize, Montenegro, the British Virgin Islands, Turkey and Jordan for their lack of transparency regarding the exchange of information.
Jordan, along with Greenland and Morocco, was also singled out because of its prevention of tax base erosion and profit shifting. These three jurisdictions have undertaken to remedy the shortcomings identified in their ‘CbCR’ declarations by autumn 2026.
Finally, Brunei Darussalam and Eswatini were listed as maintaining tax regimes that are damaging to tax fairness.
To read the draft conclusions: https://aeur.eu/f/kq5 (Original version in French by Anne Damiani)