SEOUL, Feb. 3 (Korea Bizwire) — U.S. tech giant Apple Inc. has been paying significantly lower corporate taxes in South Korea compared to an average of 4 percent in other countries, a lawmaker said Wednesday. Independent lawmaker Rep. Yang Jung-suk reported that Apple Korea Ltd. paid 62.9 billion won (US$52.1 million) in corporate taxes last [...]
SEOUL, Sept. 24 (Korea Bizwire) — Voices are growing for the need to improve the tax benefit system to address the issue arising from the business practice in which hundreds of millions of won worth of luxury import cars are used for private purposes after being registered as business vehicles. According to the latest report [...]
SEOUL, Sept. 8 (Korea Bizwire) — A handful of top earners among South Korean companies turned out to have paid the majority of the nation’s corporate taxes. According to the data that Rep. Yun Chang-hyun of the main opposition People Power Party received from the National Tax Service, the combined income of the nation’s 838,008 [...]
SEOUL, July 21 (Korea Bizwire) — The South Korean unit of Amazon Web Services paid 150 billion won (US$125.42 million) in a back corporate tax to a local tax office, sources said Tuesday. The National Tax Service (NTS) slapped the corporate tax on the company last year after carrying out a tax probe. Amazon made [...]
SEOUL, Sept. 29 (Korea Bizwire) — The combined corporate taxes that will be paid by listed firms of South Korea’s top 10 business conglomerates is set to more than halve, as their profits dropped in the first six months due to slowing exports and weaker demand at home, industry data showed Sunday. According to the [...]
SEJONG, Oct. 18 (Korea Bizwire) — South Korea’s corporate tax rates as of this year are the seventh highest among member states of the Organization for Economic Cooperation and Development (OECD), the finance ministry’s data showed Thursday. A report from the ministry provided for a parliamentary audit, released by opposition lawmaker Shim Jae-chul, said South [...]
SEOUL, Sept. 27 (Korea Bizwire) — South Korea’s chip giant Samsung Electronics Co. outpaced its U.S. archrival Apple Inc. in terms of corporate tax ratio to net income in the first half of 2018, a local think tank said Thursday. Samsung Electronics paid 28 percent of its net profit in corporate tax for the January-June [...]
SEOUL, Jul. 12 (Korea Bizwire) — South Korea’s effective corporate tax rate has remained at around 16 percent since 2010 due to various deductions and exemptions despite the nominal corporate tax rate marked at 22 percent, government data showed Wednesday. The effective corporate tax rate was 16.6 percent last year, up 0.5 percent from the [...]
SEOUL, Feb. 6 (Korea Bizwire) – South Korean companies’ tax payments overseas nearly tripled in 2015 from four years earlier in line with their increasing foreign income, government data showed Monday. In order to avoid double taxation, they also received a large amount of money in tax credits here, sparking concerns that such a practice [...]
SEOUL, Aug. 4 (Korea Bizwire) – South Korea’s investment environment is mostly favorable to foreign companies with its speedy administrative process and low corporate tax rates especially appealing to investors, a report showed Thursday. However, sluggish population growth and the relatively low level of policy transparency serve as hurdles to foreign investment in Asia’s fourth-largest [...]