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Tax Agency Ordered to Return 11.3 bln Won to Samsung over Taxation Suit

Tax Agency Ordered to Return 11.3 bln Won to Samsung over Taxation Suit

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 [...]

Overseas Direct Purchases of Tax-exempt Nicotine Solutions Skyrocketed Last Year

Overseas Direct Purchases of Tax-exempt Nicotine Solutions Skyrocketed Last Year

SEJONG, Oct. 16 (Korea Bizwire) — South Korea’s customs agency said Thursday that tax-exempt nicotine solutions accounted for the largest share of last year’s overseas direct purchases of nicotine solutions. The number of overseas direct purchase cases for nicotine solution extracted from tobacco roots or stems and synthetic nicotine solution, both of which are exempt [...]

Company Funds Used to Purchase High-end Cars with Tax Deductions

Company Funds Used to Purchase High-end Cars with Tax Deductions

SEOUL, Sept. 16 (Korea Bizwire) — Automobiles worth more than 100 million won (US$84,745) are registered under corporate names more than private individuals, recent data has revealed. The Ministry of Land, Infrastructure and Transport reported that 51 percent of high-end cars that cost between 100-400 million won were registered as corporate assets as of May, [...]

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 [...]