SEOUL, Aug. 29 (Korea Bizwire) — The National Tax Service has decided to rescind a controversial policy requiring suppliers to unify the price of liquor regardless of the amount of liquor they are supplying to various vendors, taking a step back from its original stance. The tax agency announced on Wednesday that it will implement [...]
SEJONG, Aug. 22 (Korea Bizwire) — Under current laws, the amount of taxable imports of tobacco leaf extracts decreased while non-taxable imports, such as stem-and-root extraction surged after special consumption tax targets for cigarettes manufactured with “leaves” were introduced at the beginning of the year. Analysts said that the government needs to consider including “stems” [...]
SEOUL, Aug. 16 (Korea Bizwire) — The government has begun full-fledged discussions on levying taxes and funds for online video services, a so-called “YouTube tax.” The Ministry of Science and ICT recently asked the Korea Legislation Research Institute, a government-funded research institute, to carry out research projects on overseas trends of digital taxes, including YouTube [...]
SEOUL, May 29 (Korea Bizwire) — South Korea’s bourse operator said Wednesday that a tax cut for stock trading will come into effect later this week, with analysts expecting the reduction to revitalize stock transactions, although there may be no sharp rise in trading volume in the long term. Starting Thursday, the transaction tax for [...]
SEOUL, Jan. 8 (Korea Bizwire) — Nearly half of South Koreans believe that the country’s tax policy favors the rich, a poll showed Tuesday. The poll — commissioned by the Economic Reform Research Institute — found that 48.9 percent of respondents said they think the wealthy are at an advantage in regards to tax policy. [...]
SEJONG, Jan. 7 (Korea Bizwire) — South Korea said Monday that it will impose a 10 percent tax on profits from trading all stock index-related derivatives in the latest move to revise the country’s tax code. The revision — set to take effect in April — covers the KOSDAQ 150 Futures, KOSDAQ 150 Options and [...]
JEJU, Jan. 3 (Korea Bizwire) — Starting this year, foreigners in Jeju will be subject to heavy taxation if they use condominiums that they have purchased as vacation homes. Jeju Province announced on Wednesday that condominiums acquired by foreigners, unless proven as primary residences, will be regarded as private vacation homes, and will be subject [...]
BEIJING, Nov. 20 (Korea Bizwire) — Tax authorities could do more to realise the full potential of new technology to reduce the tax compliance burdens on taxpayers, according to the 2019 edition of the annual Paying Taxes report, produced by PwC and The World Bank Group. The report, released today in Beijing, has found that [...]
SEJONG, Oct. 18 (Korea Bizwire) – The amount of money inherited by grandchildren, skipping a generation, has nearly doubled over the past five years despite higher taxes, records showed Thursday. Some 1.48 trillion won (US$1.31 billion) worth of wealth was transferred to grandchildren from grandparents in 8,388 cases last year, according to the tally provided [...]
SEJONG, Sept. 13 (Korea Bizwire) – The total amount of money that South Koreans deposited in overseas financial accounts increased in 2018 from a year earlier as authorities push forward efforts to identify hidden assets abroad, the tax office said Thursday. A total of 1,287 companies and individuals reported overseas accounts this year, up [...]