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S. Korea Beefs Up Measures Against Influencers’ Possible Tax Evasion

S. Korea Beefs Up Measures Against Influencers’ Possible Tax Evasion

SEJONG, Sept. 30 (Korea Bizwire) — South Korea said Monday that it is strengthening measures to cope with possible tax evasion by influencers and YouTube content creators. South Korea has been collecting tax information on influencers and YouTubers through various tax records and financial data on transactions provided by the Financial Intelligence Unit, an affiliate [...]

S. Korea to Review Tax Rates for E-cigarettes

S. Korea to Review Tax Rates for E-cigarettes

SEOUL, Sept. 24 (Korea Bizwire) — The government plans to readjust a variety of taxes attached to electronic cigarettes, such as the cigarette consumption tax and special consumption tax, to even out the balance between taxes imposed on e-cigarettes and non-electronic cigarettes. The Ministry of Economy and Finance announced the plans on Monday, following complaints [...]

National Tax Service Bans Rebates but Allows Freedom of Pricing

National Tax Service Bans Rebates but Allows Freedom of Pricing

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 [...]

Tax on Tobacco Leaves Leads to Growing Imports of Stem and Root Extracts

Tax on Tobacco Leaves Leads to Growing Imports of Stem and Root Extracts

SEJONG, Aug. 22 (Korea Bizwire) — Under current laws, the amount of taxable imports of tobacco leaf extracts decreased while non-taxable imports, such as stem-and-root extraction surged after special consumption tax targets for cigarettes manufactured with “leaves” were introduced at the beginning of the year. Analysts said that the government needs to consider including “stems” [...]

Gov’t Mulls Imposing Tax on YouTube

Gov’t Mulls Imposing Tax on YouTube

SEOUL, Aug. 16 (Korea Bizwire) — The government has begun full-fledged discussions on levying taxes and funds for online video services, a so-called “YouTube tax.” The Ministry of Science and ICT recently asked the Korea Legislation Research Institute, a government-funded research institute, to carry out research projects on overseas trends of digital taxes, including YouTube [...]

S. Korea to Expand Capital Gains Tax on All Equity-linked Derivatives

S. Korea to Expand Capital Gains Tax on All Equity-linked Derivatives

SEJONG, Jan. 7 (Korea Bizwire) — South Korea said Monday that it will impose a 10 percent tax on profits from trading all stock index-related derivatives in the latest move to revise the country’s tax code. The revision — set to take effect in April — covers the KOSDAQ 150 Futures, KOSDAQ 150 Options and [...]