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Finalized version of Korea’s tax code overhaul announced

SEOL: Korea’s finance ministry has announced the finalized details of its tax code revision and with the new change, businesses will be backed to give quality jobs. The revision centers around giving more tax incentives to smaller firms and startup companies, as well as to job-creating industries. Tax breaks of up to some 65-hundred U.S. dollars, will be offered to ... Read More »

Imported pickup tax in play in Trump trade talks with South Korea

SEOL: Talks starting Friday to amend a U.S.-South Korean trade deal must balance President Donald Trump’s domestic agenda against the need to contain a nuclear armed North Korea and will have to be completed swiftly, officials from both sides told Reuters. The U.S goods trade deficit with South Korea has doubled since the 2012 signing of the US-Korea Free Trade ... Read More »

South Korea to consider steps to rein in soaring won

SEOL: South Korea is to consider measures to boost capital outflows if the won continues to rise sharply, three people familiar with the matter said yesterday, a move that could help the trade-reliant nation deal with the economic effects of a surging currency. While operations to curb the won’s volatility would continue, the nation’s foreign exchange authorities might also look ... Read More »

South Korea sets out year tax policy direction

SEOL: The South Korean Government has indicated that it will seek to enhance certain business tax incentives in 2018 and review property taxation. On January 2, 2018, the Government released details of its planned economic policies for 2018. It said that it would seek to stimulate the creation of “decent jobs” in the private sector by introducing tax breaks for ... Read More »

Oiling lasting peace with North Korea

SEOL:Starting with restrictions on exports of military equipment and luxury goods, the United Nations sanctions have got steadily stiffer and more countries have joined in with individual penalties, including Australia and the European Union states. The most recent resolution adopted by the UN Security Council, which Pyongyang described as an “act of war”, includes sharply lower limits on North Korea’s ... Read More »

Korea property tax rate to GDP stands below OECD average in 2017

SEOL: South Korea’s property tax rate compared with its GDP stood below the average for Organization for Economic Cooperation and Development member countries, official data showed Monday. According to the Paris-based organization, the country’s recurrent taxes on immovables reached 0.80 percent of its economy in 2017. This placed it the 16th highest among 31 countries that were checked and below ... Read More »

S. Korea cigarette imports soar on iQOS popularity

SEOL: South Korea tobacco imports rose to the highest level in 15 years this year, led by the popularity of heat not burn electronic cigarettes, government data showed Saturday. South Korea imported $199.96 million worth of cigarettes in the first 11 months of this year, marking a 61 percent spike from $124.1 million in the entire year of 2016, the ... Read More »

South Korean shipbuilding sector suffers sharp drops in exports in 2016

SEOL: Yonhap reported that South Korea’s key industries, including the auto and shipbuilding sectors, suffered a sharp drop in exports last year, but the country logged a decent trade surplus due to a dip in oil prices. According to the data compiled by Statistics Korea, the country’s exports reached USD 494.3 billion last year, down 6 percent from a year ... Read More »

South Korea balanced foreign policy

SEOL: Korea relations with China, roiled since Seoul allowed the United States to park the Terminal High Altitude Area Defence system, or Thaad, on its soil. The anti-missile system was meant to help protect against an attack from North Korea but bothered China and Russia, because of its ability to peer deep into their territories as well. China retaliated with ... Read More »

South Korea welcomes tax on clergy amid anger at privileged class

SEOUL: The South Korean government is planning to impose an income tax on pastors, monks and priests for the first time, starting next year, on the back of changing public sentiment toward religious leaders. The Finance Ministry announced last week that the revised Income Tax Law will take effect in January. With the change, all employees at religious institutions, including ... Read More »

South Korean startups explore business opportunities in Qatar

SEOL: Korea Startups Association (Kstartups), the South Korean partner of Qatar Business Incubation Center (QBIC), yesterday explored business potential in Qatar. In this regard, Kstartups visited the Qatar Financial Center (QFC), aiming to help their Korean partners in assessing available business opportunities to foreign investors. Kstartups had signed a memorandum of understanding with QBIC earlier in December 2016 and is ... Read More »

Resolution 2397 may cut N. Korea’s annual exports by $250m

SEOUL: The latest United Nations sanctions are expected to cut North Korea’s foreign currency revenue from exports by approximately US$250 million a year, the foreign ministry here forecast Saturday. “North Korea is projected to suffer an export loss of about $250 million due to the newest U.N. sanctions resolution. The amount accounts for about 10 percent of its annual exports,” ... Read More »

Korea energy imports from the U.S. more than double this year

SEOL: South Korea’s energy imports from the United States more than doubled this year as the country tried to diversify import sourcing away from the Middle East and address trade deficit with the U.S. through energy commerce. According to the Korea International Trade Association on Wednesday, Korea imported $4.09 billion in fuel from the U.S. from January to November this ... Read More »

S. Korea Increasing energy imports from US

SEOL: South Korea’s crude oil, petroleum product, LNG, LPG and coal imports from the United States totaled US$4.009 billion from January to November this year, up 148.2% from a year ago, according to the Korea International Trade Association (KITA) on December 20. Specifically, LPG imports from the U.S. increased 57.9% year on year to US$1.71 billion, accounting for 64.5% of ... Read More »

Korean drugmakers import from UK export to Japan the most

SEOL: South Korean pharmaceutical companies’ largest export destination of raw materials and finished products are Japan, while their biggest import source is the United Kingdom, industry data showed Monday. According to the 2017 pharmaceutical industry data and statistics information released by the Korea Pharmaceutical and Bio-Pharma Manufacturers’ Association, Korea exported $3.12 billion (3.39 trillion won) worth pharmaceutical ingredients and finished ... Read More »

Korea suspected again in crypto exchange attacks

SEOL: South Korea’s chief intelligence agency suspects that North Korean hackers are behind attacks on the country’s most trafficked bitcoin exchange. According to a report this week by the BBC, the National Intelligence Service (NIS) has officially passed evidence of the allegations to prosecutors that would affirm attacks on a Bithumb employee’s home computer dating back to February amount to ... Read More »

Korea mulling capital gains tax on Bitcoins

SEOL: The Korean government is mulling measures to impose capital gains tax, among other taxes, on cryptocurrency investments, according to media reports on Dec. 18. It will reportedly convene a task force, made up of officials from the Ministry of strategy and finance, the National tax service and cryptocurrency experts to discuss tax measures on Bitcoins and other cryptocurrencies.  The ... Read More »

South Korea’s November Iran crude oil imports fall to 5month low

SEOUL: South Korea’s Iranian crude oil imports in November dropped to the lowest level since June, due to reduced shipments from the Middle Eastern country to Asia affected by its production issues. South Korea’s November imports from Iran were around 1.3 million tons, or 316,575 barrels per day (bpd), customs data showed on Friday. The import volume was 25.2 percent ... Read More »

Senior Korean official to protest EU’s tax haven blacklisting

SEOL: A senior foreign ministry official will protest the European Union’s recent blacklisting of South Korea as a tax haven country during a meeting in Brussels Friday, a government source said. Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon left for Brussels on Thursday to attend a regular Korea EU meeting, a ministry official told Yonhap on the condition of ... Read More »

EU could take Korea off tax Haven Blacklist,

SEOL: The EU has told the Korean government that it could remove it from a blacklist of offshore tax havens next month if Seoul scraps tax breaks for foreign businesses. EU finance ministers upset Korea by putting it on a blacklist of 17 tax havens where it keeps company with Bahrain, Mongolia, Namibia, Tobago and Trinidad. The Ministry of Strategy ... Read More »