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 [...]
SEOUL, Dec. 15 (Korea Bizwire) – Ending a decade-long legal battle. South Korea’s top court on Thursday confirmed the validity of the tax the government imposed on U.S. private equity firm Lone Star’s profits from its sale of a Seoul building, The Supreme Court upheld a lower court’s decision which approved the 64.8 billion won [...]
SEOUL, Dec. 5 (Korea Bizwire) – A bit of good news for old diesel car owners. Starting Monday, the government is offering an exemption of up to 1.43 million won ($1,217) in new vehicle purchasing taxes for those who junk diesel cars that are over 10 years old, a revision to the Restriction of Special [...]
SAN DIEGO, Nov. 28, 2016 (Korea Bizwire) — Next Generation Labs (‘NGL’) the only global manufacturer of patented synthetic molecular nicotine for use in the vape and e-cigarette industry has been fighting a prolonged commercial battle in South Korea with tobacco nicotine manufacturers and importers from China. These manufacturers have and continue to mis-sell and [...]
SEOUL, Nov. 23 (Korea Bizwire) – No tax specific to single-person households currently exists in Korea. But a recent study found that various tax benefits provided to married couples with children, mainly as countermeasures to Korea’s low marriage and birth rates, are creating an equally viable effect, imposing higher tax burdens on Korea’s single population. [...]
SEOUL, Nov. 14 (Korea Bizwire) – South Korea’s highest income tax rate for high-income earners is already higher than the average of OECD states, a report said Monday, opposing a move by opposition lawmakers to further raise the rate for the highest income earners. The report from the Korea Economic Research Institute (KERI) noted the [...]
SEOUL, Oct. 14 (Korea Bizwire) – South Korea’s large businesses have continued to increase their direct investments in overseas tax havens, adding to concerns about possible tax evasion attempts, a lawmaker said Friday. Conglomerates here remitted a total of 441.5 trillion won to such countries as Bermuda, the Cayman Islands and Panama between 2011 and [...]
SEJONG, Oct. 7 (Korea Bizwire) – Only two percent of those who inherited wealth from their parents paid inheritance taxes in recent years, an opposition party lawmaker said Friday. Rep. Park Kwang-on of the main opposition Minjoo Party said more than 1.45 million people inherited a combined 151 trillion won (US$135 billion) from their parents [...]
SEJONG, Sept. 12 (Korea Bizwire) – Korea has made progress recently to better police tax evasion on foreign soil. According to the National Tax Service (NTS) Monday, the Korea-Hong Kong tax treaty and the Foreign Account Tax Compliance Act (FATCA) with the United States were passed by the National Assembly last Wednesday. The FATCS went [...]