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 [...]
SEOUL, Jan. 31 (Korea Bizwire) – It has been two years since the Korean government raised its tobacco tax by 80 percent. Whether it helped to promote public health and bring down the smoking rate is still open to debate, but it was undoubtedly a lucrative decision for both the government and cigarette companies, especially [...]
SEJONG, Jan. 10 (Korea Bizwire) – South Korea’s national tax revenue increased sharply in the first 11 months of last year despite the protracted economic slowdown, government data showed Tuesday. The government collected a total of 230.5 trillion won (US$192 billion) in taxes through November in 2016, up 24.5 trillion won from a year earlier, [...]
SEOUL, Dec. 26 (Korea Bizwire) – South Korea may face a series of lawsuits from U.S. companies over local taxation of their patent income after a Seoul court recently ruled in favor of an American patent management firm in a drawn-out case, watchers said Monday. In a landmark ruling on Dec. 9, the Seoul Administrative [...]