The comments, which appeared to be aimed at France and Juventus midfielder Paul Pogba, who is black, sparked controversy in Italy with many commentators condemning what they saw as an overtly racist outburst.
UEFA said that Tavecchio would be "ineligible for any position as a UEFA Official for a period of six months starting from the communication of this decision".
In addition, he will not take part in UEFA's next congress, scheduled for March 24, 2015.
"Mr Tavecchio will organise a special event in Italy aimed at increasing awareness and compliance with the principles of UEFA's Resolution entitled European Football United Against Racism," it added.
Tavecchio said that it wouldn't affect his work with his federation.
"You don't comment on decisions, you follow them and respect them. But this doesn't change anything with respect to my position in the FIGC," he said.
The Italian football federation (FIGC) said Tavecchio had decided to accept the six-month suspension to avoid a prolonged dispute with UEFA.
Tavecchio has acknowledged he should not have made the remark but insists he was only guilty of a clumsy turn of phrase.
He has also insisted that he has a clear conscience over the episode and dismissed suggestions he was a racist.
"I adopted three African children, I also run a tomato-growing cooperative there and built two hospitals," he said in August, adding: "I didn't mean to hurt anybody."
-AAP