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Korea Ranks 7th Highest in Corporate Tax Rates Among OECD Nations

Korea Ranks 7th Highest in Corporate Tax Rates Among OECD Nations

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 [...]

Effective Corporate Tax Rate Remains at Around 16 pct for Past 7 years: Gov’t Data

Effective Corporate Tax Rate Remains at Around 16 pct for Past 7 years: Gov’t Data

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’s Investment Climate Mostly Favorable to Foreigners: Report

Seoul’s Investment Climate Mostly Favorable to Foreigners: Report

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 [...]

Less Than Half of Foreign Companies in S. Korea Paid Corporate Taxes in 2013: Data

Less Than Half of Foreign Companies in S. Korea Paid Corporate Taxes in 2013: Data

SEJONG, March 27 (Korea Bizwire) — Less than half of foreign-run companies operating in South Korea paid corporate taxes in 2013, data by the country’s tax office showed Friday. According to the National Tax Service (NTS), there were 1,601 companies subject to corporate taxes at the end of 2013, but only 48 percent of the businesses, or [...]