SEOUL, Mar. 5 (Korea Bizwire) — Financial authorities said Monday they will step up cooperation with the national tax agency to impose a fine on Samsung Group’s ailing chairman Lee Kun-hee for allegedly evading taxes with borrowed-name accounts. In a statement, the Financial Supervisory Service confirmed that Lee held 6.18 billion won (US$5.72 million) in [...]
SEOUL, Feb. 12 (Korea Bizwire) — Financial authorities have found more funds of Samsung Group’s ailing chairman, Lee Kun-hee, in bank and brokerage accounts held under other people’s names, a lawmaker said Monday, days after Lee was booked for suspected tax evasion. In a report submitted to Rep. Park Chan-dae of the ruling Democratic Party, [...]
SEOUL, Oct. 24 (Korea Bizwire) — Many people caught not paying taxes receive lenient punishment, parliamentary data showed Tuesday. Only 13,548 tax evaders have been indicted in the past five years, constituting 20.9 percent of total evaders in comparison to the average indictment ratio of 37.9 percent of other crime suspects, the findings by the [...]
SEOUL, March 3 (Korea Bizwire) – South Korea’s tax authorities have been investigating the local importer of Toyota and luxury Lexus vehicles over suspected tax evasions since late 2016, industry sources said Friday. In November, the Seoul office of the National Tax Service (NTS) launched a tax audit into Toyota Korea over suspicions that it [...]
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 [...]
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 [...]