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 [...]
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 [...]