GWANGJU, Nov. 20 (Korea Bizwire) – A South Korean court has levied a fine of 18 billion won for unpaid taxes, giving the individual charged the option of working off the fine with a daily labor value set at 16.5 million won. Despite mounting criticism of the so-called ‘emperor’s labor,’ the court maintains it has no [...]
SEOUL, Dec. 27 (Korea Bizwire) — Kim Beom-su, the founder of South Korean internet giant Kakao Corp., and members of his family were accused by a civic group Monday of a massive tax evasion in a past corporate merger process. Spec Watch Korea lodged the accusation against Kim and his family members, including his brother-in-law, [...]
SEOUL, Oct. 6 (Korea Bizwire) — Netflix Services Korea Ltd., the local unit of global video streaming giant Netflix Inc., has been accused of evading taxation in South Korea by turning over most of the revenues generated in the country to overseas headquarters as ‘commission.’ Independent lawmaker Yang Jung-suk claimed that Netflix Services Korea has [...]
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 [...]
SEOUL, Jan. 20 (Korea Bizwire) — South Korea’s internet conglomerate Naver Corp.’s big data technology will be employed in the customs clearance process of overseas direct purchases (ODP) as part of an initiative to limit tax evasion. The Korea Customs Service (KCS) signed a memorandum of understanding (MOU) with Naver on Tuesday, enabling the KCS [...]
SEOUL, July 14 (Korea Bizwire) — Is it an attempt to evade car acquisition taxes, or to offer more choices to customers? U.S. electric carmaker Tesla Motors Inc. allows customers to purchase Full Self-Driving (FSD) systems priced at 9 million won (US$7,500) even after the customers buy a non-FSD model. Purchasing a separate option after [...]
SEJONG, Mar. 7 (Korea Bizwire) — South Korea’s tax agency said Thursday that it has launched probes into 95 rich people to see if they attempted to avoid paying taxes. The National Tax Service said the latest crackdown includes 37 owners of medium-sized companies, 10 people with vast real estate holdings and 48 high-income people, [...]
SEOUL, Oct. 16 (Korea Bizwire) — More than 7 out of 10 luxury imported vehicles selling for more than 100 million won each have been registered under corporate entities, prompting critics to call for an investigation to verify whether the vehicles have been inappropriately registered for the purpose of evading taxes. According to data submitted [...]
SEJONG, Sept. 13 (Korea Bizwire) – The total amount of money that South Koreans deposited in overseas financial accounts increased in 2018 from a year earlier as authorities push forward efforts to identify hidden assets abroad, the tax office said Thursday. A total of 1,287 companies and individuals reported overseas accounts this year, up [...]
SEOUL, Aug. 30 (Korea Bizwire) — A man who wanted to buy his son an apartment unit in a suburb of Seoul without having to pay the mandatory gift tax that would came with the purchase has been tracked down by tax officials. The man knew that if the unit was paid for under his [...]