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 [...]
SEOUL, July 28 (Korea Bizwire) – A tax on cigarettes is usually implemented to promote public health, but it’s also one of the more frequently employed implicit tax collection methods for governments. However, a recent study revealed that countries with cigarette tax revenue that took up a significant part of their overall tax revenue also [...]
SEJONG, July 28 (Korea Bizwire) – South Korea set out new tax code revisions Thursday, seeking to boost corporate investments in new future industries and household income and spending to cope with faltering exports and flaccid domestic demand. The government finalized the plan at a meeting chaired by Finance Minister Yoo Il-ho in Seoul, and [...]
AMSTERDAM, THE NETHERLANDS, Jun. 29 (Korea Bizwire) - The Dutch publisher and independent centre of expertise on cross-border taxation IBFD (the International Bureau of Fiscal Documentation) and the leading Japanese research institute and publisher of domestic and international tax information Zeimukenkyukai have signed an agreement to offer an international taxation knowledge platform to multinationals and advisory [...]
SEOUL, June 17 (Korea Bizwire) – In an effort to stimulate Korea’s moribund domestic consumption, the government lowered its special consumption tax on vehicles from 5 percent to 3.5 percent, starting from August 2015. This tax benefit — which will expire at the end of June — however, has brought about “undue profit” to foreign car makers while [...]
SEOUL, Jan.23 (Korea Bizwire) – The People’s Solidarity for Participatory Democracy (PSPD) announced that it has opened a website that shows the actual amount of taxes paid by individuals, and where the money used. The site was named ‘Sausage’ (www.peoplepower21.org/sosegi), which is an abbreviation of the Korean words ‘income, tax, and government spending’. If a [...]