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 [...]
SEOUL, Sept. 26 (Korea Bizwire) — The effective tax rate among religious institutions is still low despite a new taxation policy for religious organizations, tax agency data showed Sunday. Rep. Jang Hye-young of the Justice Party referred to a National Tax Service report indicating that the effective tax rate for religious organizations in 2020 was [...]
SEOUL, Aug. 16 (Korea Bizwire) — South Korean customs agency reviewing the idea of strengthening the tax obligation for the nation’s overseas direct purchase agents. The Korea Customs Service said Monday that it has outsourced a study on the direction of customs administration in response to changes in the e-commerce environment. In the request for [...]
SEOUL, March 20 (Korea Bizwire) — The Supreme Court has ordered tax authorities to refund Samsung Electronics Co. 11.3 billion won (US$9.3 million) in undue corporate taxes from a former patent deal with U.S. software giant Microsoft Corp., court officials said Sunday. Samsung filed the complaint against local tax officials, who purported that the South [...]
SEOUL, Nov. 24 (Korea Bizwire) — The Ministry of Interior and Safety announced Tuesday that the artificial intelligence (AI) and big data-based ‘tax arrears analysis service’ that uses big data technology to analyze local tax data and calculate the potential of future payment will cover the entire nation next year. This service predicts if a [...]
SEOUL, Aug. 19 (Korea Bizwire) — South Korea’s tax agency said Thursday it has launched probes into suspected tax evasion by 97 young people who acquired houses through undue wealth transfers from their parents. The National Tax Service (NTS) said it has conducted a crackdown on underaged people who own expensive apartments and houses even [...]