SEOUL, Jul. 31 (Korea Bizwire) — The central government has announced the general direction of the tax system reform set to be implemented next year. For the first time in ten years, taxes will be lowered for many, while the wealthier portion of the population will end up paying more in taxes. According to the [...]
SEOUL, Jul. 19 (Korea Bizwire) — A tax imposed on new car owners known as the special consumption tax will be lowered temporarily until the end of the year starting with car purchases made today. For example, consumers who buy a mid-sized sedan for 20 million won will be paying 430,000 won less tax due [...]
SEOUL, March 8 (Korea Bizwire) – South Korea’s top tax official vowed Thursday to minimize probes of small and medium-sized enterprises as the government is pushing to level the playing field for smaller firms in a country dominated by conglomerates. Han Seung-hee, commissioner of the National Tax Service, also offered to exclude startups and small companies that create new jobs from tax audits. “We will concentrate our capacity on supporting voluntary tax filing, while minimizing inspections [...]
SEOUL, Dec. 5 (Korea Bizwire) — South Korea’s smoking rate will likely drop this year, as sales of cigarettes have fallen due to a big increase in the price of tobacco in 2015, an official source said Tuesday. Citing the need to discourage smoking, the government increased taxes on cigarettes by 2,000 won (US$1.70) per [...]
SEOUL, Aug. 25 (Korea Bizwire) — The government’s anti-smoking campaign, funded partly by increased revenue from a cigarette price hike, has not been effective, officials said Friday. Monthly cigarette sales in January 2015, when the price of cigarettes was raised 80 percent from 2,500 won (US$2.21) to 4,500 won, were 295 million packs. Currently, monthly [...]
SEOUL, Apr. 17 (Korea Bizwire) — South Korea’s tax burden, which has steadily risen over the years, still remains among the lowest among the group of developed market economies with high income, data showed Sunday. Data by the Paris-based Organization for Economic Cooperation and Development (OECD) showed that the tax burden ratio of Asia’s fourth-largest [...]
SEOUL, Apr. 17 (Korea Bizwire) — South Korea collected a record amount of local and central government taxes last year, official data showed Sunday, with the numbers likely to go up in the coming years. According to data by the finance and interior ministries and the central bank, Seoul brought in 318.1 trillion won (US$278.5 [...]
SEOUL, April 10 (Korea Bizwire) – Samsung Electronics Co. could be required to pay additional corporate taxes due to an accounting error, industry sources here said Monday. The total that the tech giant may be ordered to pay has not been announced but sources said it could be a sizable sum, presumably more than 500bln [...]
SEOUL, Feb. 6 (Korea Bizwire) – South Korean motorists pay much higher oil taxes than their counterparts in the United States and Japan, a report said Monday, sparking calls for the government to lower them. According to the report by online crude price provider Opinet, gasoline prices in South Korea averaged 1,455 won (US$1.28) per [...]
SEOUL, Feb. 6 (Korea Bizwire) – South Korean companies’ tax payments overseas nearly tripled in 2015 from four years earlier in line with their increasing foreign income, government data showed Monday. In order to avoid double taxation, they also received a large amount of money in tax credits here, sparking concerns that such a practice [...]