SEOUL, March 23 (Korea Bizwire) — South Korea said Wednesday it plans to temporarily ease property-related tax burdens on owners of a single home amid public discontent about the government’s housing policy and sharply increased home prices. This year, the government plans to have owners of one home pay similar amounts of property-holding taxes to [...]
SEOUL, April 23 (Korea Bizwire) – South Korea’s financial authorities are moving to impose an income tax on cryptocurrency trading from next year, but investors in digital tokens have raised a nagging question about the proposed taxation. A growing number of cryptocurrency investors have cried foul over whether the government will collect a tax on [...]
SEOUL, Nov. 3 (Korea Bizwire) — South Korea will raise government-set home prices for all types of real estate, including apartments and land, to up to 90 percent of their market prices in the next 10-15 years, the transport ministry said Tuesday. The government commissioned the Korea Research Institute for Human Settlements (KRIHS) in February [...]
SEOUL, Jan. 17 (Korea Bizwire) — South Koreans are debating over a comprehensive animal protection plan recently announced by the government after it was decided that households with pets will be subject to additional taxation. The Ministry of Agriculture, Food, and Rural Affairs announced the plan on Tuesday, confirming that it will look into plans [...]
JEJU, Jan. 3 (Korea Bizwire) — Starting this year, foreigners in Jeju will be subject to heavy taxation if they use condominiums that they have purchased as vacation homes. Jeju Province announced on Wednesday that condominiums acquired by foreigners, unless proven as primary residences, will be regarded as private vacation homes, and will be subject [...]
SEOUL, Aug. 5 (Korea Bizwire) -- South Korea’s tax burden ratio is expected to surpass 20 percent of its gross domestic product (GDP) mark for the first time this year, as the government pushes forward expansionist fiscal policies, officials said Sunday. The finance ministry predicted that the country’s tax burden will likely reach record levels [...]
SEOUL, Aug. 25 (Korea Bizwire) — The results of a survey of 505 Koreans’ thoughts regarding the taxation of “revenue” collected by religious denominations was released by research agency Real Meter on August 24. When asked whether the government should go forward with the intended implementation of taxation for religious leaders next year, 78.1 percent [...]
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 [...]
SEJONG, March 27 (Korea Bizwire) — Less than half of foreign-run companies operating in South Korea paid corporate taxes in 2013, data by the country’s tax office showed Friday. According to the National Tax Service (NTS), there were 1,601 companies subject to corporate taxes at the end of 2013, but only 48 percent of the businesses, or [...]
SEOUL, July 19 (Korea Bizwire) – Seoul’s move to stimulate the national economy cashing in on huge amount of cash reserves held by South Korean major companies has resulted in a backlash from the local business communities. Choi Kyung-hwan, South Korea’s newly inaugurated Finance Minister, suggested on July 16 a set of measures to reinvigorate [...]