November 28, 2024

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National Tax Service Commissioner Kim Chang-ki speaks at a roundtable meeting held by the European Chamber of Commerce in Korea at a Seoul hotel, Thursday. (Lee Sang-sub/The Korea Herald)

South Korea’s National Tax Service Commissioner Kim Chang-ki promised fair taxation for European companies doing business in Korea during a roundtable meeting hosted by the European Chamber of Commerce in Korea on Thursday.

The tax agency revived the government-industry meeting after a 12-year hiatus as part of its renewed commitment to better communications with the foreign corporate community here.

Some 30 ECCK members, including Chairperson Dirk Lucat, attended the meeting held at a Seoul hotel earlier in the day.

“Korea and the European Union have maintained an intimate economic relationship for a long time,” Kim said.

“The National Tax Service is putting in all of its effort to build up an environment in which corporations can focus on running their businesses without the burden of tax issues.”

Kim promised his agency will operate with “stability and predictability,” and push for fair taxation both for domestic and foreign corporations.

In return, the ECCK acknowledged efforts by the NTS to improve tax systems in accordance with international standards, which he said contributes to creating a business-friendly environment.

“We are delighted to hear that the NTS works on the tax reform initiatives to ensure that businesses can focus on their business in a stable environment of taxation,” said the ECCK chief.

“The Chamber will continue to collaborate with the Korean authorities to create a better business environment for the European community,” he added.

During the meeting, Kim stressed the importance of enhancing voluntary compliance, mitigating the risks of double taxation, expanding taxpayer services and stronger tax incentives.

Kim also hinted at offering more foreigner-friendly administrative services such as a guidebook on tax probes for foreign corporations and ongoing updates to its English-language website.

By Im Eun-byel (silverstar@heraldcorp.com)