The October list revision

The Council removed Panama and Viet Nam from Annex I of the EU list on 9 October and moved them to Annex II pending further Global Forum reviews. Belize was removed from Annex II after fulfilling its commitments.

Eight jurisdictions remain in Annex I: American Samoa, Anguilla, Guam, Palau, Russia, Turks and Caicos Islands, US Virgin Islands and Vanuatu. The next scheduled revision is February 2027.

Removal is not the end of monitoring

Panama reformed its foreign-source income exemption regime and was granted a new information-exchange review. Viet Nam also obtained a new review following reforms. Their Annex II position records continuing commitments, rather than a finding that every tax concern has disappeared.

The Council policy page states that the revised list becomes official upon publication in the Official Journal. This review confirms Council adoption; it does not establish that publication date or the commencement of a member state’s defensive measure.

How to use the new list

T&M analysis: tax teams should update dated screening records, then identify which domestic measures, reporting rules or contractual clauses actually reference Annex I. A Council list change should not be translated automatically into the same tax consequence in every member state.

For structures involving the affected jurisdictions, preserve the earlier list version and the transaction date. Historical obligations can require a different answer from the current screening result.