South Korea has been excluded from the European Union's grey list of countries needing close monitoring on their tax systems,... a list which can hurt the countries' global reputation.
Seoul's finance ministry says such a move is an acknowledgement of its efforts to improve fairness in its tax regime.
Kim Hyo-sun reports.
The EU has confirmed its decision to remove South Korea from its tax haven blacklist,... according to South Korea's Ministry of Economy and Finance.
It explained the Economic and Financial Affairs Council,... consisting of economic and finance ministers of EU member-states agreed Tuesday to exclude Seoul from the list of non-cooperative jurisdictions for tax purposes.
The ministry also said Seoul's decision to abolish the foreign investment tax incentive system in December last year enabled the country to be removed from the list.
In late 2017,... the EU placed South Korea on the blacklist,... citing the country's harmful preferential tax system.
Also on the list were 16 other nations, including the United Arab Emirates, Mongolia and Panama.
A month later,... South Korea was moved to EU's grey list of countries that need tax-related monitoring.
Seoul's finance ministry says the EU's latest decision is a global recognition that South Korea is exerting efforts to satisfy the established standards,... adding it will continue to improve fairness within its tax regime.
Kim Hyo-sun, Arirang News.