WARSAW, Poland, Nov. 19 (Korea Bizwire) — Electronic tax filing and payments were the most common tax reforms undertaken by countries worldwide during the past year, according to the latest edition of the Paying Taxes report from the World Bank Group and PwC. As a result, paying taxes became easier for medium sized companies globally, [...]
SEOUL, Oct. 5 (Korea Bizwire) – A spike in local cigarette taxes is expected to push up the amount of next year’s tobacco tax revenue on par with what the government receives from salaried workers, a local civic group claimed Monday. According to the Korea Taxpayers Association, cigarette tax revenue is estimated to top 12.6 [...]
SEJONG, Sept. 7 (Korea Bizwire) – A tax investigation into high-income professional workers such as lawyers and doctors showed that they turned out to have omitted an average of 330,000 won from every 1,000,000 won they made, and the overlooked amount is increasing. According to the National Tax Service, the average portion of income omitted [...]
BUSAN, Apr. 21 (Korea Bizwire) — The city of Busan is expecting an additional 218.35 billion won (US$ 201.47 million) for its estimated 2014 tax revenues, due to an increase in cigarette tax revenues caused by citizens’ buying spree before the New Year’s cigarette price hike, even though Busan’s population of non-smokers has since increased. According [...]
“I urge both the ruling and opposition parties to find a middle ground on what kind of social welfare the country needs before coming up with ways to pay for such expenditures. There are considerable differences between political parties as well as ordinary citizens on what the level of welfare coverage should be.” “Experience has [...]
SEOUL, Nov. 24 (Korea Bizwire) — The government will increase the tax exemption privileges to angel investment, the investment made by groups of individual investors to start-up firms. The subcommittee on taxation under the strategy & finance committee, National Assembly, was reported on November 21 to have approved the tax privilege restriction law that includes [...]
SEOUL, Nov. 8 (Korea Bizwire) — A study said Korea’s income redistribution effect through taxation is lowest among the Organization for Economic Cooperation and Development member nations. According to a report “Implications for Taxes’ Income Redistribution Effect” published by the National Assembly Research Service on November 7, the ratio of income redistribution improvement through policy measures such as [...]
SEOUL, Korea, Mar 16, 2014 (Korea Bizwire) – A new pension scheme called a “donation pension plan” will be introduced from next year at the earliest. The scheme, also known as the Kim Jang-hoon plan named after a Korean rock-ballad singer who is famous for giving in excess of 10 billion won for the past [...]
![[Kobiz Feature] Hard Times to Be a Gas Station Owner](http://koreabizwire.com/wp/wp-content/uploads/2014/02/12405694_m-800x533.jpg "[Kobiz Feature] Hard Times to Be a Gas Station Owner")
SEOUL, Korea, Jan 9 (Korea Bizwire) – Only a decade ago, anyone who owns a gas station was considered one of local worthies. But today gas station operators are having a hard time even to stay in the black. Some of them go out of business or try hard to sell their properties before it’s too late. [...]
SEOUL, Korea, July 22 (Korea Bizwire) – Recently there are signs that the Korean economy has become more and more cash based. In a so-called cash economy, most transactions are made in cash instead of credit cards or bank balance transfers. As more people hold cash as a means of payment, the economy needs more [...]