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$8.7 billion) last year, up 51.4 percent from 7 trillion [...]
SEOUL, Dec.9 (Korea Bizwire) – With the implementation of price hikes for soju, the popular liquor of the people, the government has put itself in a position to collect as much as 92.8 billion won in additional taxes. The Korea Federation of Taxpayers revealed that as the factory price of soju was increased by 5.61 [...]
SEOUL, Dec.1 (Korea Bizwire) – Aficionados of certain high-end goods will be pleased to find out that some items have been removed from the ‘Individual Consumption Taxes’ list, meaning they will now be exempt from what is often referred to as a ‘luxury tax’. Perfume, cameras and deer antlers were removed from the list, but [...]
WARSAW, Poland, Nov. 19 (Korea Bizwire) — Electronic tax filing and payments were the most common tax reforms undertaken by countries worldwide during the past year, according to the latest edition of the Paying Taxes report from the World Bank Group and PwC. As a result, paying taxes became easier for medium sized companies globally, [...]
SEOUL, Oct. 5 (Korea Bizwire) – A spike in local cigarette taxes is expected to push up the amount of next year’s tobacco tax revenue on par with what the government receives from salaried workers, a local civic group claimed Monday. According to the Korea Taxpayers Association, cigarette tax revenue is estimated to top 12.6 [...]
SEJONG, Sept. 7 (Korea Bizwire) – A tax investigation into high-income professional workers such as lawyers and doctors showed that they turned out to have omitted an average of 330,000 won from every 1,000,000 won they made, and the overlooked amount is increasing. According to the National Tax Service, the average portion of income omitted [...]
BUSAN, Apr. 21 (Korea Bizwire) — The city of Busan is expecting an additional 218.35 billion won (US$ 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 [...]