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Additional Taxation for Foreign Owners of Condominiums in Jeju

Additional Taxation for Foreign Owners of Condominiums in Jeju

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 [...]

Korea Cracks Down on Overseas Tax Evasion

Korea Cracks Down on Overseas Tax Evasion

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 [...]

Less Than Half of Foreign Companies in S. Korea Paid Corporate Taxes in 2013: Data

Less Than Half of Foreign Companies in S. Korea Paid Corporate Taxes in 2013: Data

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’s Suggested Taxation on Cash Reserves Sees Backlash from Business Communities

Seoul’s Suggested Taxation on Cash Reserves Sees Backlash from Business Communities

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 [...]