tax evasion Archives | Be Korea-savvy
Tesla Sweeps over Government Subsidies amid Suspected Tax Evasion

Tesla Sweeps over Government Subsidies amid Suspected Tax Evasion

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 [...]

76 pct of Luxury Imported Vehicles Registered for Corporate Use

76 pct of Luxury Imported Vehicles Registered for Corporate Use

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 [...]

Money Deposited in Overseas Accounts up in 2018: Tax office

Money Deposited in Overseas Accounts up in 2018: Tax office

  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 [...]

Philip Morris, British American Tobacco Rake in Billions from Tax Evasion

Philip Morris, British American Tobacco Rake in Billions from Tax Evasion

SEOUL, Sept. 22 (Korea Bizwire) – The local affiliates of Phillip Morris and British American Tobacco (BAT) were found to have evaded over 200 billion won ($181 million) in taxes from inventory profits when the Korean government raised the tax levied on cigarettes by roughly 2,000 won in January 2015.  According to Korea’s Board of [...]