Category: South Korea

N.Y. nonprofit under investigation for tax evasion, North Korea activities

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

Endemic tax evasion costing governments at least $200 billion a year

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

Offshore Perspectives: News Update – Globally Combating Tax Evasion

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

Shinwon chief under tax evasion probe

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

FATCA – Which Countries Are In And Out

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

FactCheck: Christie’s tax dodge

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

Korea faces second ‘investor-state dispute’

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

Government to revise tax treaty with South Korea

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

Bermuda – South Korea Tax Information Exchange Agreement Enters Into Force

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

South Korea-Turkmenistan Summit Leads to US$13 Billion Plant Project

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

Australian Senate tax grandstanding: A preparation for austerity

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

Japan companies face pressure to use near-record cash stockpiles to help drive growth

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

Dividend imputation clears an early tax review hurdle

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

Dongkuk Steel under probe for embezzlement, tax evasion

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

double taxation european union investments latvia legislation oecd south korea

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

Corporate aristocracy holding out against tax revolution

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

January Global Tax-News Update

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

HK, Singapore Home To Asia’s Highest Property Taxes

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

Foreigner premium’ property taxes highest in Singapore and Hong Kong

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

Taiwan and South Korea may open negotiations on economic agreements: officials

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

Foreign manufacturers use foreign parts suppliers to avoid tax: Analysts

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

Korindo head probed for alleged tax evasion

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

Hallyu star Jang Keun-suk probed for offshore tax evasion

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

101 Countries Sign Up For FATCA Network

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

Double Tax Arrangements in Nigeria: Imperatives for a wider network

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

More big businesses set up firms in offshore tax havens

More South Korean conglomerates have been registering subsidiaries in offshore tax havens, according to corporate researcher Chaebul.com. The number of South Korean companies established in the top 10 offshore tax havens last year jumped nearly 60 percent on-year from 54 to 86, indicating more conglomerates taking advantage of lower tax… – Continue reading

FATCA IGAs Agreed in Substance Treated as in Effect; Deadline Extended

April 2 — The Treasury Department and the Internal Revenue Service announced that countries that have reached intergovernmental agreements (IGAs) in substance under the Foreign Account Tax Compliance Act before July 1 will be treated as having signed agreements through Dec. 31, 2014, winning praise from practitioners. The government also said… – Continue reading

More Countries Agree to Help U.S. Crack Down on Tax Dodgers

The Treasury Department added 19 nations to its list of countries that have reached agreements with the U.S. on carrying out a far-reaching law aimed at preventing offshore tax dodging by American citizens. The Treasury and the Internal Revenue Service said the 19 nations – including Australia, Brazil, South Africa… – Continue reading