EU Strikes Korea off Tax Havens Blacklist

  • By Park Yu-yeon

    January 24, 2018 12:55

    EU finance ministers on Tuesday removed Korea from a blacklist of tax havens around the world.

    Ministers from the 28 member states met in Brussels and removed eight countries including Korea from the list of tax non-cooperative jurisdictions. The others are Barbados, Grenada, Macau, Mongolia, Panama, Tunisia and the UAE.

    The EU put 17 countries on the blacklist on last December, dealing a heavy blow to Korea, the only OECD member to find itself in the company of mostly banana republics.

    The EU objected to regulations for Korea's free economic zones that give foreign investors tax breaks but not Korean ones, thereby encouraging them to park their money in Korea and disadvantaging locals.

    The Korean government was stung but decided to address the issue.

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