SEJONG, Sept. 19 (Korea Bizwire) – The size of South Korea’s underground economy is equivalent to 10 percent of the nation’s gross domestic product, while tax evasion amounts to 3.7 percent, much higher than they are in other advanced countries, a research paper said Monday. Professor Kim Jong-hee of Chonbuk National University, drawing his conclusions [...]
SEJONG, Sept. 12 (Korea Bizwire) – Korea has made progress recently to better police tax evasion on foreign soil. According to the National Tax Service (NTS) Monday, the Korea-Hong Kong tax treaty and the Foreign Account Tax Compliance Act (FATCA) with the United States were passed by the National Assembly last Wednesday. The FATCS went [...]
SEOUL, May 3 (Korea Bizwire) — YG Entertainment, the talent management of South Korean star musicians such as Psy and BigBang, is undergoing a probe launched by the National Tax Agency, the company confirmed on Monday. “We were summoned by the second investigation unit (of the NTS) in charge of regular tax checkups on small [...]
SEOUL, March 10 (Korea Bizwire) – Thanks to the increased tip-offs on tax evasion, the national tax service was able to collect and additional 1.5 trillion won (US$1.33 billion) last year. Also, it imposed 240 billion won in taxes thanks to borrowed-name bank account reports during the year. The National Tax Service announced on March [...]
SEOUL, Feb. 23 (Korea Bizwire) – A whistleblower who helped the Korean tax office collect billions of won from tobacco company KT&G was indicted for blackmailing the company prior to alerting authorities about the company’s tax evasion. The whistleblower, surnamed Lee, entered KT&G in 1994 and was a diligent employee of the firm, the largest tobacco company [...]