tax evasion Archives | Page 2 of 2 | Be Korea-savvy

S. Korea’s Underground Economy Bigger Than Other OECD Countries’: Paper

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 [...]

Korea Cracks Down on Overseas Tax Evasion

Korea Cracks Down on Overseas Tax Evasion

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 [...]