SEOUL, June 10 (Korea Bizwire) — South Korea’s National Tax Service (NTS) has launched an aggressive crackdown on 710 chronic tax delinquents who collectively owe more than 1 trillion won (approximately US$730 million), revealing widespread use of fraudulent schemes to hide assets and evade payment. The offenders, flagged for property tracking investigations, used tactics ranging [...]
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, Sep. 8 (Korea Bizwire) – The number of foreign companies doing business in Korea is steadily on the rise. But most such companies, 71 percent in all, are in the form of foreign-invested firms. Of the foreign companies in Korea, Japanese accounted for the highest portion with the wholesale area taking the No. 1 [...]