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 [...]
SEJONG, Jan. 12 (Korea Bizwire) – South Korea’s tax revenue rose sharply on-year in the first 11 months of 2015 thanks to higher cigarette prices and increased real estate transactions, the finance ministry said Tuesday. In the January-November period, the government collected some 206.2 trillion won (US$171 billion) in taxes, up 16.8 trillion won from [...]
SEJONG, Jan. 7 (Korea Bizwire) – South Korea’s tobacco tax revenue shot up more than 50 percent in 2015 from a year earlier on a spike in cigarette prices, despite weaker sales, the finance ministry said Thursday. The cigarette tax revenue reached 10.5 trillion won (US$8.7 billion) last year, up 51.4 percent from 7 trillion [...]
SEOUL, Dec.9 (Korea Bizwire) – With the implementation of price hikes for soju, the popular liquor of the people, the government has put itself in a position to collect as much as 92.8 billion won in additional taxes. The Korea Federation of Taxpayers revealed that as the factory price of soju was increased by 5.61 [...]
SEOUL, Dec.1 (Korea Bizwire) – Aficionados of certain high-end goods will be pleased to find out that some items have been removed from the ‘Individual Consumption Taxes’ list, meaning they will now be exempt from what is often referred to as a ‘luxury tax’. Perfume, cameras and deer antlers were removed from the list, but [...]