SEJONG, Sept. 3 (Yonhap) — More South Koreans reported their overseas financial accounts to authorities in 2015 than a year earlier as the government turns up the heat on individuals and companies to disclose hidden assets, the tax office said Thursday. The government has taken a firmer stance toward people… – Continue reading
Program is intended to raise tax revenues by providing a temporary window for S. Koreans to avoid penalties and prosecution Between Oct. 1 of this year and Mar. 31 of the next, South Koreans who voluntarily report assets and income they have hidden overseas and pay the taxes they… – Continue reading
The governments of emerging Asian economies need to look at new revenue streams to make their economies more competitive and boost living standards, the OECD said in a new report, reports Tax News. The report, Revenue Statistics in Asian Countries: Trends in Indonesia, Malaysia, and the Philippines, notes these countries’… – Continue reading
Turkmen parliament ratified the country’s convention with South Korea on double taxation avoidance and prevention of fiscal evasion with respect to income taxes, the Turkmen government said August 19. Aside from that, according to the government message, the parliament ratified the country’s convention with Austria on avoidance of double taxation… – Continue reading
Large South Korean companies have sent more than $400 billion to offshore tax havens over the past eight years, with nearly 40 percent of the amount yet to be returned home, data showed Sunday. According to the data by the Bank of Korea and other government agencies, local big firms… – 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
SEOUL, Aug. 6 (Yonhap) — The top court ruled Thursday against an oil company of the United Arab Emirates, headed by a member of the Abu Dhabi royal family, saying that it must pay millions of dollars in stock trading tax to South Korea. IPIC International B.V. (IPIC), a state-run… – Continue reading
A DOUBLE TAXATION Agreement (DTA) with South Korea was a key talking point recently when Ambassador-Designate of the Republic of Korea to Barbados, Doo-Young Lee paid a courtesy call on Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean, at her Culloden Road Office. Acknowledging the excellent working relations… – Continue reading
DEVELOPED countries throughout the world are stepping up efforts to curb base erosion and profit shifting (BEPS), a scheme used by multinational companies to avoid paying taxes estimated as high as $200 billion globally, especially when doing business across different jurisdictions. At the 2015 Asia Pacific Tax Symposium hosted last… – Continue reading
TWO NEW SWISS BANKS REACH JUSTICE AGREEMENT On June 19th, 2015, the Department of Justice (DOJ) came to an agreement under the Swiss Bank Program with two new Swiss banks, Bank Linth LLB AG and Bank Sparhafen Zurich AG. BANK LINTH 126 U.S.-related accounts are attributed to Bank Linth Bank… – Continue reading
The Supreme Court ruled on Sunday that the country’s tax authority may have imposed double taxation on real estate holders, a decision that could make the National Tax Service (NTS) responsible for handing back massive refunds to domestic businesses. On Sunday, the Supreme Court sent back to the Seoul High… – Continue reading
Prices for smartphone applications sold in South Korea through Google and Apple platforms rose 10 percent starting this month, industry sources said Friday, as the government started imposing taxes on overseas-based open markets. According to the sources, U.S. tech giants Google Inc. and Apple Inc. rolled out new price policies… – Continue reading
Prosecutors have launched an investigation into alleged tax evasion by Shinwon Group Chairman Park Seong-cheol. Investigators from the Seoul Central Prosecutors’ Office raided the headquarters of the apparel company and Park’s home in central Seoul, Wednesday, and seized account books and other related documents. After reviewing the seized materials, prosecutors… – Continue reading
South Korea will serve as chair of an inter-governmental policymaking body on preventing money laundering starting next month, the country’s financial regulator said Monday. South Korea was appointed as the chair country of the Financial Action Task Force at its plenary meeting in February last year to become the third… – Continue reading
SEOUL, June 25 (Yonhap) — More than half of big business groups in South Korea have set up companies in overseas tax havens, with SK Group, the nation’s third-largest conglomerate, having the most, data showed Thursday. Out of 61 business groups with combined assets of more than 5 trillion won… – Continue reading
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
South Korea signed a Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement (IGA) with the United States on June 10, 2015. FATCA is intended to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information… – Continue reading
He has distorted the facts about the nation’s current tax system. Chris Christie repeatedly has said that U.S. corporations are taxed twice on income earned abroad, claiming in one speech that IRS officials “don’t recognize the tax you paid to a foreign country.” That’s false. It’s true that the U.S…. – Continue reading
SEOUL, June 4 (Yonhap) — South Korea and the World Bank kicked off an international tax conference in Seoul on Thursday to highlight the need for closer international cooperation to effectively deal with corporate tax evaders, organizers said. The two-day gathering is designed to stress the growing importance of tax… – Continue reading
An appeals court ruled Wednesday that Lone Star Funds should pay some 64.8 billion won ($58 million) in a corporate tax refund suit filed by the U.S. buyout fund against a regional tax office. The Yeoksam Tax Office levied some 104 billion won in corporate tax on Lone Star over… – Continue reading
Hanocal Holdings, a Dutch subsidiary of the Abu Dhabi-based International Petroleum Investment Company, has filed a lawsuit against the South Korean government through the World Bank’s International Center for Settlement of Investment Disputes. This is the second time that Korea is facing international arbitration under the “investor-state dispute settlement” process…. – Continue reading
SEOUL, March 17 (Yonhap) — The South Korean business community on Tuesday called for easing the tax audit burden and more deductions for corporate entertainment outlays to better reflect the rise in overall expenses. In a meeting with National Tax Service Commissioner Lim Hwan-soo in Seoul, companies belonging to the… – Continue reading
SEOUL, March 17 (Yonhap) — The South Korean business community on Tuesday called for easing the tax audit burden and more deductions for corporate entertainment outlays to better reflect the rise in overall expenses. In a meeting with National Tax Service Commissioner Lim Hwan-soo in Seoul, companies belonging to the… – Continue reading
NEW DELHI: Ahead of Prime Minister Narendra Modi’s visit to South Korea this month, the Cabinet today approved revising the double tax avoidance pact with Seoul to provide tax stability and facilitate flow of investment and technology between the countries. The Cabinet headed by the Prime Minister gave its approval… – Continue reading
A Netherlands-based company threatened to sue the South Korean government for inflicting more than 183 billion won in losses through double taxation during its sale of Hyundai Oilbank shares five years ago, it was revealed Saturday. If a lawsuit is filed, it will mark the second time for South Korea… – Continue reading
The Tax Information Exchange Agreement between Bermuda and South Korea entered into force and became effective on 13 Fevruary 2015. Once requested for information by one state, the other state is obligated to release the information in 90 days unless the information contains business secrets or classified business processes. If… – Continue reading
Income Tax authorities in Bangalore have initiated proceedings against two prominent local businessmen who were featured in a list of Indians holding accounts with HSBC bank in London that was provided to Indian Income Tax authorities. I-T authorities have filed tax evasion cases against real estate businessman Jitendra Mohandas Virwani,… – Continue reading
SEJONG, April 22 (Yonhap) — South Korea and China on Wednesday signed a so-called advance pricing agreement (APA) that can ease tax audit burdens for companies operating in each other’s country. The new accord, signed during a meeting of their tax chiefs, will allow authorities to better check “transfer prices”… – Continue reading
ABU DHABI: The UAE Cabinet on Sunday endorsed hosting the headquarters of the joint Police Force of the Gulf Co-operation Council (GCC) in Abu Dhabi. By hosting the GCC Police Force, the UAE aims to foster its relations with the other Gulf countries to safeguard the region from any form… – Continue reading
ABU DHABI: The UAE Cabinet has on Sunday endorsed hosting the headquarters of the joint Police Force of the Gulf Co-operation Council (GCC) in Abu Dhabi. By hosting the GCC Police Force, the UAE aims to foster its relations with the other Gulf countries to safeguard the region from any… – Continue reading
The South Korean government is going to construct a natural gas plant in Turkmenistan, which has the world’s fourth largest natural gas reserves. The government is supporting a US$13 billion scale project in total, which includes natural gas-to-liquids (GTL) plant construction and the modernization of essential oil factories. South Korean… – Continue reading
An Australian Senate parliamentary committee hearing on Wednesday was dominated by the fire and brimstone of Labor and Greens politicians directed against tax avoidance by major corporations. Labor Senator Sam Dastyari called on Australian Tax Commissioner Chris Jordan to “name some of Australia’s worst corporate offenders,” declaring that they “should… – Continue reading
South Korea’s financial regulator said Tuesday it plans to tighten its anti-money laundering checks into the nonbanking sector, joining growing global policy efforts to clamp down on the illegal activity. Under the plan, the Financial Supervisory Service said it will focus its inspection on high-risk sectors, as well as expand… – Continue reading
TOKYO: Japan companies have pressure to use their near-record cash stockpiles to help drive growth, with Finance Minister Taro Aso saying Thursday the government should consider a tax to prod businesses into action. “Japan should carefully consider issues like this,” Aso said in Parliament in response to a question from… – 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
Prosecutors have launched an investigation into one of South Korea’s top steelmakers, Dongkuk Steel Mill Co., over allegations of large-scale embezzlement and tax evasion. The Seoul Central District Prosecutors’ Office on Saturday raided Dongkuk Steel’s headquarters in central Seoul, affiliate offices and the home of the company chairman, Chang Sae-joo,… – Continue reading
(Bloomberg) — Japan is stepping up pressure on companies to use their near-record cash stockpiles to help drive growth, with Finance Minister Taro Aso saying Thursday the government should consider a tax to prod businesses into action. “Japan should carefully consider issues like this,” Aso said in Parliament in response… – Continue reading
On 9 March 2015, the State Secretary of the Latvian Foreign Ministry, Andrejs Pildegovics, met with the members of the South Korean Parliament, Byun Jae Ill and Park Young-sun, who are visiting Latvia from 9 to 11 March in order to strengthen cooperation between the Latvian and South Korean Parliaments,… – Continue reading
Smaller companies, which innovate and create jobs, carry an unfair share of the burden In pre-revolutionary France aristocrats were exempt from direct taxation. On present trends the world’s elite corporations may soon find themselves similarly privileged. In the larger advanced countries the corporate tax base is eroding, partly because the… – Continue reading
This edition of the Tax-News monthly feature takes in noteworthy events in the international tax arena, including attempts to inject new life into the campaign for comprehensive tax reform in the United States, and developments in the areas of free trade, indirect taxation, BEPS and tax transparency and compliance. US… – Continue reading
In its recent Asia-Pacific Residential Review, global property consultancy Knight Frank has said that Hong Kong and Singapore have the highest tax burdens on foreign property investors. It notes Singapore and Hong Kong have imposed taxes on foreign property buyers, such as additional duties, as a “macro-prudential tool … to… – Continue reading
Overseas property buyers have to pay significantly more tax than domestic buyers in Singapore and Hong Kong, making them the most costly places for foreigners to invest in residential real estate in Asia Pacific, says Knight Frank Singapore and Hong Kong are the most costly places for a foreigner to… – Continue reading
TAIPEI, Taiwan — Taiwan and South Korea are now more prepared to sign economic agreements, such as investment insurance and double taxation prevention pacts, South Korea’s representative to Taiwan Cho Baek-sang said yesterday. Cho made the comment at the first Taiwan-South Korea humanities exchange conference, held by the de facto… – Continue reading
VietNamNet Bridge – Foreign automobile and electronics manufacturers often choose foreign enterprises for their parts and accessory suppliers instead of Vietnamese companies because it allows them to engage in transfer pricing, some analysts have claimed. Samsung, Toyota, Canon and other giants in the manufacturing industry have complained many times that… – Continue reading
By Jung Min-ho Seung Eun-ho Chairman of Korindo Group Prosecutors are investigating allegations that the head of Korindo Group, a Jakarta-based conglomerate, and his sons have evaded taxes. The Seoul Central District Prosecutors’ Office said Monday that the group’s Chairman Seung Eun-ho and his two sons are suspected of evading… – Continue reading
South Korea’s tax agency is looking into allegations that actor-singer Jang Keun-suk, who is popular throughout Asia, evaded paying taxes on income he earned in China, sources said Tuesday. The National Tax Service (NTS) launched an investigation after obtaining documents from the prosecution regarding suspected tax dodging by an agency… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
THE National Tax Policy (NTP) has identified double taxation as one of the major hindrances to the growth of the Nigerian economy. Double taxation has become an issue paramount to investors and top executives of multinationals as income is generally taxable both in source and residence countries. In order to… – Continue reading
Tax authorities in South Korea and the United States will conduct a joint investigation into the allegation that the fugitive Yoo Byung-eun’s family engaged in offshore tax evasion.After the April 16 Sewol ferry disaster, the National Tax Service asked its U.S. counterpart to share intelligence on Yoo, the de facto… – Continue reading
Hong Kong (HKSAR) – The Secretary for Financial Services and the Treasury, Professor K C Chan, today (July 8) signed in Hong Kong an agreement with Korea for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on behalf of the Hong… – Continue reading
