The EU has added Vietnam and the Turks and Caicos Islands to its blacklist of non-cooperative countries and territories for tax purposes.
EU finance ministers decided during a meeting on Tuesday.
At the same time, Fiji, Samoa, and Trinidad and Tobago were removed from the list. According to the Council, these countries now comply with all agreed international tax standards.
The updated blacklist now includes ten jurisdictions: American Samoa, Anguilla, Guam, Palau, Panama, Russia, the Turks and Caicos Islands, the US Virgin Islands, Vanuatu, and Vietnam.
Vietnam’s inclusion comes after the OECD Global Forum found the country does not meet the necessary standards for exchanging tax information upon request.
Vietnam had been removed from the EU’s "grey list" for countries committed to reforming their tax systems in October, but now appears on the "black list" instead.
The EU tax blacklist was first established in December 2017 and is updated twice annually.
