The European Union is likely to remove South Korea and seven other jurisdictions from its blacklist of tax havens, Reuters reported Monday.
The eight, including Panama, the United Arab Emirates and Barbados, were among 17 jurisdictions the EU blacklisted as tax havens in December, saying it was a move to deter worldwide tax avoidance.
EU officials recommended their removal following their commitments to change their tax rules, Reuters cited EU documents as showing. The proposal will be discussed at a meeting of EU ambassadors Wednesday and likely be adopted by the bloc's finance ministers in Brussels next week, it added.
South Korea has strongly protested the listing, saying it is not in accordance with international standards and poses the risk of violating taxation sovereignty. The decision did not come with sanctions, but South Korea feared damage to its national brand.
The eight jurisdictions also include Grenada, Macao, Mongolia and Tunisia. (Yonhap)