The Finance Ministry said Tuesday that it would pardon individuals and companies that not paid taxes on gains from overseas investments, as long as they voluntarily report their gains for tax payment by the end of March. The tax authority’s policy came from the Park Geun-hye administration’s efforts to expand… – Continue reading
A case is pending before an appellate court in South Korea that could allow refunds of certain amounts of tax withheld on payments distributed to Luxembourg SICAVs. If the appeals are ultimately decided in favor of the SICAVs, they could be entitled to a refund of the difference between the… – Continue reading
19/08/2015 – Increasing tax revenues and ensuring sustainable domestic resource mobilisation will be critical as emerging Asian economies seek to boost the provision of public goods and services and improve economic growth and living standards. Revenue Statistics in Asian Countries: Trends in Indonesia, Malaysia and the Philippines shows that the… – Continue reading
The Organisation for Economic Cooperation and Development (OECD) said in a recent report that improving taxpayer services, while making non-compliance harder, is helping revenue bodies increase their efficiency and allowing governments to finance important programs that will further benefit their citizens. According to Tax Administration 2015, which looks at 56… – Continue reading
On August 11, 2015, the Organisation for Economic Co-operation and Development (OECD) released its annual report addressing global tax administration. The OECD’s stated mission is to “promote policies that will improve the economic and social well-being of people around the world.” The OECD describes its annual report as follows: Tax… – Continue reading
The nonprofit Korean American National Coordinating Council has provided support to U.S. citizens for travel to Pyongyang. NEW YORK, Aug. 13 (UPI) — A Korean American organization that previously has helped Americans travel to North Korea is under investigation for tax evasion and political activities that violate U.S. tax laws…. – Continue reading
QROPS specialists are offering free transfers to Gibraltar QROPS for August only for teachers who want to retire abroad and avoid all UK taxes and future UK taxes on their existing teacher’s pension scheme. This is the final chance for teachers living abroad to transfer their UK pensions outside the… – Continue reading
A thorough investigation into retail giant Lotte Group is picking up a head of steam. Korea’s Fair Trade Commission and the Financial Supervisory Service have separately requested Lotte Group provide them with related information. They are looking into Lotte’s complicated governing structure and possible tax evasion, in light of the… – Continue reading
The Government of Jersey has published the Agreement between the Government of Jersey and the Government of the Republic of Korea on the Exchange of Information Relating to Tax Matters (hereafter: the TIEA), which was signed on July 21, 2015. Although signed, the TIEA has not yet entered into force…. – Continue reading
Prime Minister John Key has floated the idea of a land tax or stamp duty on foreign buyers in an effort to control some of the demand side pressures driving Auckland house price inflation well over 20 per cent, reports Interest NZ. His comments came as fresh research showed Auckland’s… – Continue reading
Energy giants called to explain billions in tax havens To describe Gorgon as another super-sized resources project in Western Australia does not do justice to the scale and scope of the venture. When the taps are turned on later this year and liquefied natural gas begins to flow, Australia will… – Continue reading
The Supreme Court has overturned a lower court’s ruling that the government’s comprehensive real estate taxation system is being run correctly, saying real estate owners have been double-taxed on some of their holdings. In a lawsuit filed by 25 Korean companies, including KT and the Korea Electric Power Corporation, against… – Continue reading
10/07/2015 – The OECD set out a clear path for Lithuania’s accession to the Organisation, reinforcing the OECD’s commitment to further extend its global membership. On 8 July 2015 the 34 OECD Members adopted the Roadmap for the Accession of Lithuania to the OECD Convention setting out the terms, conditions… – Continue reading
Ahead of Dublin visit, health expert discusses fighting poverty and sharing prosperity. “The Koreans have a saying that you bury your spouse in the ground but you bury your children in your heart,” said Dr Jim Yong Kim. The Korean-born health expert is speaking to The Irish Times at his… – Continue reading
A state-run United Arab Emirates (UAE) company and its Dutch subsidiary filed a request for arbitration Thursday, seeking compensation from the Korean government over taxation worth US$170 million five years ago, a civic group said Friday, reports the Korea Times. The Lawyers for a Democratic Society said the Abu Dhabi-based… – Continue reading
During a Cabinet meeting Tuesday, chaired by deputy Prime Minister Choi Kyung-hwan,in his role as acting prime minister, the government passed a revised bill that requires the automatic exchange of financial account information for taxpayers from both countries every year, reports Arirang. The agreement will also ensure confidentiality and the… – Continue reading
EUROPEAN M&A DOS AND DON’TS FOR NON-EUROPEAN BUYERS Inbound M&A in Europe by non-European buyers increased in 2014 by 68.6% compared to 2013, representing over a third of USD 901.4 billion total European M&A.1 For non-European buyers the basic framework of transactions may be similar, but there are a number… – Continue reading
The funds management industry has welcomed a commitment from Assistant Treasurer Josh Frydenberg to make tax and corporate law changes that will boost the export of asset management services to Asia. Complex and uncompetitive legal and tax settings in Australia have acted as a handbrake on the export of financial… – Continue reading
You may be forgiven for thinking that once you no longer live in the United States, that your ongoing US tax obligations may be relatively simple or even non-existent, particularly if you have never held a US Passport or lived in the US. However the definition of US citizen is… – Continue reading
Advertisement A false image depicts undocumented immigrants as criminals because they entered the United States illegally and received many government benefits. Wars in Korea, Vietnam, Afghanistan and Iraq created labor shortages. Some industrial complexes and corporate agriculture used growing numbers of undocumented laborers to whom they paid less than minimum… – Continue reading
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading
Seoul and Washington will exchange data on taxpayers’ bank accounts every September to bolster their tax revenue, the National Tax Service (NTS) said Wednesday. “If we regularly exchange data on taxpayers’ bank accounts with the U.S., it will help the tax authorities crack down on attempts at offshore tax evasion,”… – Continue reading
Double Tax Avoidance Agreement to be Applied to China Funds Investors no longer have to be worried about double taxation on China-based funds. On Mar. 4, the Korea Financial Investment Association told asset management firms to hand in documents for double tax avoidance agreement applications. Four months ago, when the… – Continue reading
Korean Gov’t to Tax Google, Facebook Like Domestic Companies orea is moving to impose taxes on foreign ICT giants such as Google, Apple, and Facebook. To this end, Ruling Saenuri Party lawmaker Hong Ji-man tabled revisions to the Income Tax Act and the Corporate Tax Act in December last year…. – Continue reading
Unlike China, Japan‘s manufacturing activities rose in December. Flash PMI from HSBC came out at 52.1, up from 52 in November. A reading over 50 signals expansion. Meanwhile, the Nikkei newspaper reported that Japan’s government is considering lowering the corporate tax rate by 2.5 percentage points starting next April. Among… – Continue reading
The National Tax Service (NTS) said Thursday that it will help foreign companies in Korea reduce potential tax uncertainty regarding their cross-border transactions with parent firms. From 2015, the NTS will allow foreign firms that earn less than 50 billion won ($46 million) a year in sales to focus on… – Continue reading
The financial regulator said on Tuesday that it has ordered four foreign banks operating in Korea to strengthen their anti-money laundering protections. The Financial Supervisory Service (FSS) inspected some 60 local and foreign banks to check whether they are equipped with relevant safeguards. Among them were the Seoul branches of… – Continue reading
Korean companies and individuals have invested more than 25 trillion won (about $23 billion) in 50 tax haven countries over the past seven years, according to a report submitted Sunday by the National Tax Service (NTS) to the National Assembly. “Investments by small-and medium-sized companies and individuals are in decline… – Continue reading
The Ministry of Strategy and Finance announced on August 25 that the Korean and Vietnamese governments provisionally signed a revised double tax avoidance agreement during the fourth round of negotiations. The amended agreement takes effect early next year, through official signing and ratification in the near future. According to the… – Continue reading
The government will strengthen taxation standards for foreigners as part of efforts to stem tax evasion. The Ministry of Strategy and Finance said Sunday that it will submit a revised tax law to the National Assembly next month. The National Tax Service taxes foreigners residing in Korea based on the… – Continue reading
SEJONG, March 13 (Yonhap) — South Korea is expected to gain access to financial information on its nationals from the U.S. as the two countries are close to an agreement on sharing related data, finance ministry officials said Thursday, a move expected to help Seoul’s crackdown on offshore tax evasion…. – Continue reading
KUALA LUMPUR: Small and medium enterprises (SMEs) should tap Hong Kong’s access to the markets in China, Japan and South Korea to gain tax advantages under the double-taxation deduction pact signed between Malaysia and HK. Hong Kong Trade Development Council deputy executive director, Margaret Fong, said HK SMEs paid five… – Continue reading
South Korea’s tax agency has launched an investigation into the Seoul branch of UBS on suspicion of tax evasion, industry sources said Wednesday. According to the sources, the National Tax Service (NTS) began the probe late last year on suspicions that the Swiss bank did not report 51 billion won… – Continue reading
