S. Korea Placed on EU Blacklist of 17 Tax Havens

Write : 2017-12-06 08:33:23 Update : 2017-12-06 09:35:58

S. Korea Placed on EU Blacklist of 17 Tax Havens

The European Union(EU) has released a blacklist of 17 countries deemed to be tax havens, including South Korea.
 
French Finance Minister Bruno Le Maire said that the EU finance ministers adopted the blacklist on Tuesday in a meeting in Brussels.
 
The 17 extra-EU jurisdictions seen as "not cooperative on tax matters" are South Korea, American Samoa, Bahrain, Barbados, Grenada, Guam, Macau, the Marshall Islands, Mongolia, Namibia, Palau, Panama, St. Lucia, Samoa, Trinidad & Tobago, Tunisia and the United Arab Emirates.
 
The EU reportedly put South Korea on the list citing lack of transparency in the country's tax benefits for foreign companies investing in its free economic zones and foreign investment zones.
 
The EU's penalties on the blacklisted countries still need to be confirmed.

South Korea strongly refuted the decision. In a statement Wednesday, the Finance Ministry said the EU decision doesn't meet international norms and could infringe on tax sovereignty. It said it will discuss the matter with related ministries and respond accordingly. 

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