SEOUL, Dec. 30 (Korea Bizwire) — South Korea’s tax agency has imposed 80.3 billion won (US$69.2 million) in withholding tax on Bithumb Korea, according to the largest shareholder of Bithumb Holdings. Vidente Co., the largest shareholder of Bithumb Holdings, said in a regulatory filing on Friday that it confirmed the decision by the National Tax [...]
SEJONG, Jun. 21 (Korea Bizwire) — Nearly half of South Korean workers pay no income tax, a report said Tuesday, amid heated debates on a tax hike to secure funds for President Moon Jae-in’s job creation pledges. Some 46.5 percent of 17 million wage earners in the country were exempted from paying income tax in [...]
SEOUL, Nov. 14 (Korea Bizwire) – South Korea’s highest income tax rate for high-income earners is already higher than the average of OECD states, a report said Monday, opposing a move by opposition lawmakers to further raise the rate for the highest income earners. The report from the Korea Economic Research Institute (KERI) noted the [...]
CHEONGJU, May 7 (Korea Bizwire) — The city of Cheongju has seen its local corporate income taxes double due to SK Hynix‘s record sales last year. According to a May 6 statement from city officials, a record-high 88.8 billion won (US$ 82.1 million) in local corporate income taxes was collected, far beyond the city’s estimate of [...]
SEOUL, Feb. 9 (Korea Bizwire) — The tax burden for ordinary households in South Korea outpaced income gains in the first three quarters of 2014 by nearly double, official data showed Monday. According to figures provided by Statistics Korea, average income for a two-person household stood at 4,314,334 won (US$3,928.9) in the January-September period, up [...]
SEOUL, Oct. 7 (Korea Bizwire) — Almost nine out of ten Koreans believe the nation’s income gap is getting more serious, a survey said. To a question of whether income tax must be raised twofold, more than half of the respondents said no while two-thirds of the respondents answered in the affirmative to a question of whether [...]