The Serbian club had been banned for three seasons because of the issue.
European football's governing body Uefa said Partizan had broken rules on unpaid debts three times in the past five years.
However a Court of Arbitration for Sport statement said Partizan had provided "new evidence" to show it had paid its tax bills.
The statement added: "On this basis, the parties have agreed the exclusion imposed by (Uefa) shall be deemed to have been made conditional on the club's timely payment of the other overdue payables identified as at September 30, 2016.
"Taking into account the fact that FK Partizan has satisfied this condition, the club will be eligible to compete in future Uefa club competitions."
Partizan Belgrade have had their European ban lifted after providing evidence they had cleared unpaid debts.