The NTS hosted a Tax Administration Seminar for Foreign Companies at Korea Press Center, Seoul on May 29, 2014.
The NTS hosted the 「2014 Tax Administration Seminar for Foreign Companies」 to explain Korea\'s tax administrative policy that pertains to foreign companies and to listen to their difficulties in operating businesses in Korea.
Summary of 2014 Tax Administration Seminar for Foreign Companies |
Date and Time |
May 29, 2014 (Thursday) 7:30-09:00 |
Venue |
Korea Press Center (20F, National Press Club) |
Participants |
Presidents from foreign chamber of commerce and industry in Korea and CEOs |
At the Seminar, Deputy Commissioner of NTS, Lee Jeon-hwan, asked foreign firms to actively utilize Korea\'s tax system in order to address tax uncertainty. He added that horizontal compliance, Advance Pricing Arrangement(APA) and other systems will help foreign firms secure tax certainty from the early stage of operation.
According to Mr. Lee, the tax audit period will be reduced for both domestic and foreign companies to promote investment and ensure normal business operation. He highlighted that the NTS has been working to provide fairness in taxation for foreign firms through implementing a tax quality assessment system.
Furthermore, considering the fact that foreign companies are doing their businesses under unfamiliar circumstances, a consultation body will be established to collect foreign companies\' difficulties.
The participants expressed their gratitude to the NTS for its efforts in making Korea\'s tax administrative policy more consistent and predictable.
