SEJONG, Sept. 7 (Korea Bizwire) – A tax investigation into high-income professional workers such as lawyers and doctors showed that they turned out to have omitted an average of 330,000 won from every 1,000,000 won they made, and the overlooked amount is increasing. According to the National Tax Service, the average portion of income omitted [...]
SEOUL, Aug. 16 (Korea Bizwire) — Large South Korean companies have sent more than US$400 billion to offshore tax havens over the past eight years, with nearly 40 percent of the amount yet to be returned home, data showed Sunday. According to the data by the Bank of Korea and other government agencies, local big firms remitted [...]
SEOUL, May 28 (Korea Bizwire) – After its partial victory in a lawsuit against the U.S. private equity firm Lone Star Funds over the taxation of income generated by the sale of a skyscraper in Seoul’s Gangnam district, the National Tax Service (NTS) is expected to levy the additional tax on Lone Star. On May 27, the [...]
SEJONG, May 19 (Korea Bizwire) — South Korean female workers lagged far behind their male counterparts in wages in 2013, government data showed Tuesday, highlighting a deep gender gap in the country’s workforce. The average salary of a female worker reached 21 million won (US$19,200) in 2013, just 57.5 percent of what a male counterpart [...]
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 [...]
SEOUL, March 10 (Korea Bizwire) – Thanks to the increased tip-offs on tax evasion, the national tax service was able to collect and additional 1.5 trillion won (US$1.33 billion) last year. Also, it imposed 240 billion won in taxes thanks to borrowed-name bank account reports during the year. The National Tax Service announced on March [...]
SEOUL, Feb. 26 (Korea Bizwire) – A special bank has been set up to lend money to poor criminals who are fined but have to endure prison labor because they have no money to pay the penalties. Citizens’ Solidarity for Human Rights announced on February 26 that it established the “Jean Valjean Bank” to help [...]
SEOUL, July 1 (Korea Bizwire) – The National Tax Service decided to offer special benefits to faithful taxpayers including Figure Queen Kim Yuna in their customs inspection allowing them to use designated inspection desks or inspection check points for flight attendants. When they use the inspection desks reserved exclusively for flight attendants, they can reduce time [...]
SEOUL, Korea, April 16, 2014 (Korea Bizwire) – According to data published by the National Tax Service on tax evasion cases that infringed on people’s livelihood, there are still so many loan sharks, private supplementary schools taking exorbitant monthly fees, and funeral parlors charging much more for coffins and burial shrouds. The government agency said [...]