EU tax blacklist (October 2026): Panama and Vietnam Removed

Background to the removals

Panama had been on the Blacklist since February 2020, while Vietnam had been on it only since February 2026. The OECD Global Forum had determined that both countries did not meet the standards for the exchange of information on request. 

Now that both countries have implemented tax reforms, they have been granted supplementary reviews by the OECD Global Forum. Until these reviews are completed, both countries have not yet been fully “cleared” and are instead listed in Annex II (“Greylist”). Belize was recently removed from Annex II following a positive assessment by the OECD Global Forum.

Implications for German practice

In Germany, the change will have an impact—with a time lag—in three areas:

• German Act Combating Tax Avoidance and Unfair Tax Competition (StAbwG): Non-cooperative jurisdictions within the meaning of Sec. 2 para. 1 of the StAbwG are listed in the German Ordinance Combating Tax Avoidance and Unfair Tax Competition (StAbwV). It is therefore expected to be amended in accordance with Sec. 3 StAbwG.
• DAC6/Sec. 138e German Fiscal Code (AO): A reporting obligation without a main-benefit test arises under Sec. 138e para. 2 no. 1 lit. a) double lit. bb) AO if two conditions are met: payments between associated enterprises are deductible as business expenses for the payer, and the recipient is resident in a blacklisted country. Here, too, an updated annex to the letter issued by the German Federal Ministry of Finance (BMF) on March 29, 2021, is expected.
• Public Country-by-Country Reporting (Secs. 342h, 342i German Commercial Code (HGB)): Separate disclosures are required for blacklisted countries if they were listed on March 1 of the reporting period. For greylisted countries, this applies if they were listed on March 1 of both the reporting period and the immediately preceding fiscal year. Panama and Vietnam therefore remain subject to reporting requirements due to their inclusion on the Greylist.