SEJONG, Jan. 20 (Korea Bizwire) — South Korea’s finance ministry has been considering imposing a 20 percent tax on income from cryptocurrency transactions, officials said Monday. The Ministry of Economy and Finance has recently ordered its office of income tax to review a taxation plan for cryptocurrencies, according to officials. Previously, the ministry’s office of [...]
SEOUL, Jan. 17 (Korea Bizwire) — South Koreans are debating over a comprehensive animal protection plan recently announced by the government after it was decided that households with pets will be subject to additional taxation. The Ministry of Agriculture, Food, and Rural Affairs announced the plan on Tuesday, confirming that it will look into plans [...]
SEOUL, Jan. 6 (Korea Bizwire) — Starting in the new year, the standard for levying liquor taxes on beer and raw rice wine has changed from a price-based “ad valorem” duty to forwarding volume-based “specific commercial duty” for the first time in 52 years. In a related move, the National Tax Service (NTS) said Sunday [...]
AMSTERDAM, the Netherlands, Dec. 5 (Korea Bizwire) — The launch of a new tax reporting standard that seeks to ensure multinationals are much clearer about how much – and where – they pay their taxes has received widespread international support. The Global Reporting Initiative (GRI) Tax Standard is the first global standard for comprehensive tax [...]
SEOUL, Nov. 28 (Korea Bizwire) — The method of hiding the property of delinquent borrowers who do not pay back taxes is becoming more and more unexpected. The ability of tax collectors to find them is evolving as well. The Incheon Metropolitan Government conducted a special crackdown on 11 golf courses from November 18 to [...]
SEOUL, Nov. 25 (Korea Bizwire) — The government has accused global tech giant Google Inc. of tax evasion and taking advantage of local game companies. The National Tax Service (NTS) said Wednesday that it will conduct a tax probe into suspected tax evasion and aggressive tax evasion offshore. In particular, for the first time, multinational [...]
SEJONG, Oct. 10 (Korea Bizwire) — South Korea’s tax agency has slapped a combined 1 billion won (US$833,000) in taxes on seven YouTube content creators in the first known crackdown on tax evasion by such people, a ruling party lawmaker said Thursday. Citing monthslong probes by the National Tax Service, Kim Chung-woo, a lawmaker of [...]
SEJONG, Sept. 30 (Korea Bizwire) — South Korea said Monday that it is strengthening measures to cope with possible tax evasion by influencers and YouTube content creators. South Korea has been collecting tax information on influencers and YouTubers through various tax records and financial data on transactions provided by the Financial Intelligence Unit, an affiliate [...]
SEOUL, Sept. 24 (Korea Bizwire) — The government plans to readjust a variety of taxes attached to electronic cigarettes, such as the cigarette consumption tax and special consumption tax, to even out the balance between taxes imposed on e-cigarettes and non-electronic cigarettes. The Ministry of Economy and Finance announced the plans on Monday, following complaints [...]
SEOUL, Sept. 20 (Korea Bizwire) — The current practice of offering financial rewards to those who report when a business fails or refuses to issue a cash receipt is encouraging many to become ‘bounty hunters’ to earn extra cash. Last year, the number of individuals who were financially rewarded for reporting businesses that failed to [...]