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2014-06-03

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The National Tax Service (NTS) said Thursday it will make tax policies for foreign companies more consistent and predictable in Korea.

"To ensure a level playing field both for domestic and foreign companies, we have reduced the period for a regular tax probe by an average of 30 percent this year compared to a year earlier," NTS Deputy Commissioner Lee Jeon-hwan said at a seminar in central Seoul, Thursday.

Last year, the tax agency cut the period by 10 percent to help companies focus on business, and not be distracted by such examinations.

The NTS arranged the 2014 Tax Administration Seminar for Foreign Companies to brief them on the direction of Korea's tax policies for foreign firms and listen to what tax-related difficulties they have in doing business here.

It was the second tax seminar with foreign companies since 2012. The first was held as part of a government's effort to attract foreign investments, Park Seok-hyun, director at an NTS International Taxation Division, said by telephone.

There were 25 at the seminar. They included James Kim, chairman of the American Chamber of Commerce in Korea (AMCHAM Korea); AMCHAM Korea President Amy Jackson; Merck Korea Chief Financial Officer Thomas Snay; IBM Korea CFO Joseph J. Kern and GE Korea CFO OJ Kim, the NTS said.

"The participants were happy with the seminar. They wanted us to make it regular for more opportunities to exchange views on tax policies," Park said.

For companies which individually earn more than 300 billion won a year in Korea, the NTS plans to do "special" tax examinations only when they deem them necessary, he said.

Meanwhile, the government is providing a tax guidebook written in English to foreign businesses, and will increase its workforce to help them tackle their problems, said the NTS.

Koreatimes News

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