SEOUL, March 20 (Korea Bizwire) — The Supreme Court has ordered tax authorities to refund Samsung Electronics Co. 11.3 billion won (US$9.3 million) in undue corporate taxes from a former patent deal with U.S. software giant Microsoft Corp., court officials said Sunday. Samsung filed the complaint against local tax officials, who purported that the South [...]
SEOUL, Nov. 24 (Korea Bizwire) — The Ministry of Interior and Safety announced Tuesday that the artificial intelligence (AI) and big data-based ‘tax arrears analysis service’ that uses big data technology to analyze local tax data and calculate the potential of future payment will cover the entire nation next year. This service predicts if a [...]
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, May 3 (Korea Bizwire) — More than half of South Koreans support taxing capital gains from the trading of cryptocurrencies, a poll showed Monday. The government plans to impose taxes on gains from investment in virtual assets starting next year. A poll by Realmeter showed 53.7 percent of respondents back the plan while 38.3 [...]
SEOUL, April 23 (Korea Bizwire) — The Seoul metropolitan government said Friday it has seized the cryptocurrencies of hundreds of top tax delinquents who hid their assets in digital form, becoming the country’s first local government to do so. The city government said its tax collection department found the cryptocurrencies of 1,566 individuals and heads [...]
SEOUL, Oct. 24 (Korea Bizwire) — South Korea’s tax agency said Saturday it will consider imposing taxes on Google Inc.’s planned enforcement of a 30 percent commission on in-app purchases of digital content from its Play Store next year. In a written answer submitted to Rep. Kim Soo-hong of the ruling Democratic Party, the National [...]
SEJONG, Oct. 16 (Korea Bizwire) — South Korea’s customs agency said Thursday that tax-exempt nicotine solutions accounted for the largest share of last year’s overseas direct purchases of nicotine solutions. The number of overseas direct purchase cases for nicotine solution extracted from tobacco roots or stems and synthetic nicotine solution, both of which are exempt [...]
SEOUL, Sept. 16 (Korea Bizwire) — Automobiles worth more than 100 million won (US$84,745) are registered under corporate names more than private individuals, recent data has revealed. The Ministry of Land, Infrastructure and Transport reported that 51 percent of high-end cars that cost between 100-400 million won were registered as corporate assets as of May, [...]
SEJONG, June 25 (Korea Bizwire) – South Korea said Thursday it plans to revise a law to expand capital gains taxes to all stock investors beginning in 2023, while lowering a stock transaction tax. Under the plan, all investors who hold listed stocks will be subject to a tax rate of 20 percent. If they hold [...]
SEOUL, May 14 (Korea Bizwire) — A multilateral convention will take effect in South Korea in September to keep multinational corporations (MNCs) from capitalizing on loopholes for tax avoidance, officials said Thursday. Seoul deposited its instrument of ratification for the convention in the Organization for Economic Cooperation and Development (OECD) the previous day in the [...]