SEOUL, July 10 (Korea Bizwire) – The South Korean unit of U.S. tech giant Google Inc. has paid the local tax office 600 billion won (US$501 million) in back corporate taxes, sources said Friday. Google Korea made the payment in January after the National Tax Service (NTS) slapped the penalty tax on the company for [...]
SEOUL, July 3 (Korea Bizwire) — Going forward, artificial intelligence (AI) and big data technology will be used in South Korea to select individuals subject to tax audits, the tax agency said Thursday. The National Tax Service (NTS) announced that it will trial a big data analysis system for sorting out borrowed-name bank accounts this [...]
SEOUL, Aug. 29 (Korea Bizwire) — The National Tax Service has decided to rescind a controversial policy requiring suppliers to unify the price of liquor regardless of the amount of liquor they are supplying to various vendors, taking a step back from its original stance. The tax agency announced on Wednesday that it will implement [...]
SEOUL, March 8 (Korea Bizwire) – South Korea’s top tax official vowed Thursday to minimize probes of small and medium-sized enterprises as the government is pushing to level the playing field for smaller firms in a country dominated by conglomerates. Han Seung-hee, commissioner of the National Tax Service, also offered to exclude startups and small companies that create new jobs from tax audits. “We will concentrate our capacity on supporting voluntary tax filing, while minimizing inspections [...]
SEJONG, Nov. 20 (Korea Bizwire) – The state tax agency has been allegedly involved in a number of abuse of power cases for political purposes in the previous conservative governments, a panel said Monday. A task force assigned to carry out sweeping reform of the National Tax Service (NTS) has looked into 60 cases which were suspected of being politically motivated by the tax office. The task force was launched three months after [...]
SEJONG, Oct. 25 (Korea Bizwire) — An average of about 60 trillion won (US$53.09 billion) worth of wealth has been transferred or handed down every year since 2003, but less than half of the recipients had to pay taxes, data showed Wednesday. According to records from the National Tax Service that were analyzed by the [...]
SEOUL, June 22 (Korea Bizwire) – The number of people earning a living by renting property has risen sharply in recent years, government data showed Thursday, amid a market boom brought on by policy measures to prop up the housing market. The total number in the rental and leasing businesses surged to 1,452,000 people as [...]
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 [...]
YEONGDONG, Aug. 4 (Korea Bizwire) – Wineries in Yeongdong County are delighted with a recent move by the National Tax Service (NTS) to revise the current law on mail order sales of liquor. Yeongdong is Korea’s largest producer of wine, home to around 1,800 hectares of vineyard and some 40 wineries, but sales faced limitations [...]
SEJONG, Oct. 8 (Korea Bizwire) — The number of foreign companies operating in South Korea continued to grow in 2014 as the country steadily attracted more businesses from abroad, government data showed Thursday. According to the data by the National Tax Service (NTS), the number of foreign invested firms reached 8,095 in 2014, up 0.5 [...]