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. <br />Seoul's finance ministry says such a move is an acknowledgement of its efforts to improve fairness in its tax regime.<br />Kim Hyo-sun reports. <br />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.<br />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. <br />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. <br />In late 2017,... the EU placed South Korea on the blacklist,... citing the country's harmful preferential tax system. <br />Also on the list were 16 other nations, including the United Arab Emirates, Mongolia and Panama. <br />A month later,... South Korea was moved to EU's grey list of countries that need tax-related monitoring. <br />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. <br />Kim Hyo-sun, Arirang News. <br />
