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 [...]
SEJONG, Dec. 13 (Korea Bizwire) – The government is introducing a new policy this month requiring multinational companies to submit integrated attribution reports, as part of a bid to tackle tax avoidance. The integrated reports submission system is in response to tax avoidance schemes employed by multinational companies such as the manipulation of transfer prices, the [...]
SEJONG, Sept. 7 (Korea Bizwire) – A tax investigation into high-income professional workers such as lawyers and doctors showed that they turned out to have omitted an average of 330,000 won from every 1,000,000 won they made, and the overlooked amount is increasing. According to the National Tax Service, the average portion of income omitted [...]
SEOUL, Sep. 22 (Korea Bizwire) – More than a dozen business owners and family members of South Korea’s top conglomerates are under investigation for their possible violation of foreign exchange transaction rules, according to the local financial industry sources knowledgeable on the issue. South Korea’s Financial Supervisory Service (FSS) has launched a formal investigation into [...]