November 29, 2024

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The American Chamber of Commerce in Korea and National Tax Service officials pose for a picture after Friday's meeting at the Plaza Seoul Hotel. (AmCham)

National Tax Service Commissioner Kim Chang-ki said that the tax agency will ensure transparent and impartial tax services for foreign firms operating here at a roundtable meeting with the American Chamber of Commerce in Korea on Friday.

"We are thankful for the deep trust and constant investment US firms make in Korea," he said.

"The NTS will continue to provide foreign firms with a world-class, transparent and fair tax system, with no discrimination."

Kim was responding to AmCham Korea Chairman James Kim's request for more favorable tax treatment, sustainable investment guidelines and tax incentives for US companies operating in Korea.

“Tax policies play an important role in promoting Korea as an investment destination. AmCham sent a letter to President Yoon (Suk-yeol) earlier this year calling for tax reform,” said the AmCham chief.

“We welcome the recent proposal of the Ministry of Economy and Finance to remove the five-year limit on the 19 percent flat tax rate for foreign residents,” Kim added.

Kim said he acknowledges the role NTS has played in Korea’s development and economic growth, and affirmed that AmCham would do its best to act as a bridge to enhance business relationships between the US and Korea.

By Lee Seung-ku (seungku99@heraldcorp.com)