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Seoul to Implement Convention on MNCs’ Tax Avoidance in Sept.

Seoul to Implement Convention on MNCs’ Tax Avoidance in Sept.

SEOUL, May 14 (Korea Bizwire) — A multilateral convention will take effect in South Korea in September to keep multinational corporations (MNCs) from capitalizing on loopholes for tax avoidance, officials said Thursday. Seoul deposited its instrument of ratification for the convention in the Organization for Economic Cooperation and Development (OECD) the previous day in the [...]

S. Korea Considering Imposing 20 pct Tax on Cryptocurrencies

S. Korea Considering Imposing 20 pct Tax on Cryptocurrencies

SEJONG, Jan. 20 (Korea Bizwire) — South Korea’s finance ministry has been considering imposing a 20 percent tax on income from cryptocurrency transactions, officials said Monday. The Ministry of Economy and Finance has recently ordered its office of income tax to review a taxation plan for cryptocurrencies, according to officials. Previously, the ministry’s office of [...]

S. Korean Government Takes Aim at Google

S. Korean Government Takes Aim at Google

SEOUL, Nov. 25 (Korea Bizwire) — The government has accused global tech giant Google Inc. of tax evasion and taking advantage of local game companies. The National Tax Service (NTS) said Wednesday that it will conduct a tax probe into suspected tax evasion and aggressive tax evasion offshore. In particular, for the first time, multinational [...]

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 [...]