SEJONG, March 12 (Korea Bizwire) — While South Korean lawmakers from both ruling and opposition parties have agreed to eliminate inheritance taxes between spouses, a new analysis reveals that the tax benefits would primarily affect those with assets exceeding 7 billion won. According to an analysis by real estate tax calculation service Sellymmon, commissioned by Yonhap [...]
SEOUL, Dec. 20 (Korea Bizwire) – South Korean workers reported an average annual income of 43.32 million won in 2023, an increase of more than 1 million won from the previous year, according to year-end tax settlement data. The number of high-income earners making over 100 million won annually reached 1.39 million, while 33% of workers [...]
SEOUL, Jul. 1 (Korea Bizwire) – Samsung Electronics, the South Korean tech giant, saw a significant decrease in its tax and statutory charges last year, while experiencing a slight increase in labor costs, according to the company’s latest sustainability report. The 2024 Sustainability Report, released on June 28, reveals that Samsung’s global tax and statutory charges, [...]
SEOUL, May 14 (Korea Bizwire) – As the South Korean government accelerates research into the potential hazards of synthetic nicotine to determine regulatory measures, attention is turning to whether these products could be subject to tobacco taxes. If synthetic nicotine is included under the Tobacco Business Act’s regulatory purview, liquid-based synthetic nicotine products, which have so [...]
SEOUL, May 13 (Korea Bizwire) – The National Tax Service of South Korea has initiated a special tax investigation into Coupang, the nation’s top e-commerce company. Authorities are examining the flow of funds between Coupang’s Korean entity, wholly owned by the U.S.-based Coupang Inc. in Delaware, and its overseas affiliates. This probe coincides with looming scrutiny [...]
SEOUL, Dec. 29 (Korea Bizwire) — South Korea’s tax revenue fell 49.4 trillion won (US$38.41 billion) during the first 11 months of 2023 compared with a year earlier due mainly to weak corporate activities and the prolonged slump in the property market, the finance ministry said Friday. But the shortfall had decreased for the second [...]
SEOUL, Sept. 18 (Korea Bizwire) – A recent survey showed that about two out of three Koreans believe they are paying too much in taxes compared to the social security benefits they receive. The share of those who said they would not like to pay more taxes or social insurance fees even if welfare benefits were [...]
SEOUL, July 27 (Korea Bizwire) — South Korea unveiled its tax code revision bill Thursday, focusing on providing tax cuts for businesses and reducing financial burdens for the people to counter a prolonged slowdown and revive economic vitality. But the latest tax-cut measures will likely stir up concerns over falling tax revenue. In the first [...]
SEOUL, Nov. 16 (Korea Bizwire) — The government on Wednesday disclosed a list of more than 11,000 habitual and large-case tax delinquents nationwide, with an e-cigarette importer and retailer topping the list with about 19 billion won (US$14.3 million) in arrears. The list unveiled by the interior ministry on its website contains the names and [...]
SEOUL, Nov. 11 (Korea Bizwire) — South Korea’s customs agency announced a plan to strengthen the crackdown on individuals evading taxes on imports of liquid-type e-cigarettes made of tobacco leaves by falsely reporting that they are made of synthetic nicotine. The Korea Customs Service said Thursday it had developed a high-precision analysis method to identify [...]