November 23, 2024

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South Korea's National Tax Agency Commissioner Kang Min-su speaks at the opening ceremony for the 53rd annual meeting of the Study Group on Asia-Pacific Tax Administration and Research, in Seoul, Tuesday. (National Tax Service)

The Asia-Pacific region’s largest annual tax administration meeting launched Tuesday in Seoul, bringing together top tax officials from 18 countries to advance tax administration and bolster international cooperation.

The 53rd annual meeting of the Study Group on Asia-Pacific Tax Administration and Research opened at Shilla Hotel in central Seoul, hosted by South Korea's National Tax Agency. This is the fourth time Korea has hosted this gathering, and the first since 2013.

Around 180 participants, including commissioners and delegates from member countries Australia, Cambodia, China, Singapore, Thailand and Vietnam, along with representatives from 10 major international organizations, gathered to share insights and strategies on evolving tax challenges.

Founded in 1970, SGATAR serves as a key forum for regional tax cooperation, with member countries collectively accounting for over half of Korea’s trade and a third of its foreign direct investment. According to the NTS, this year’s event reflects the Asia-Pacific region’s critical role in the global economy, spurred by its rapid economic growth and expanding consumer markets.

In his opening remarks, Korea's NTS Commissioner Kang Min-su, chair of the 53rd SGATAR, noted that, despite differing jurisdictions, "we share common goals to secure tax revenue and uphold fairness," underscoring the need for stronger cooperation among tax authorities as international transactions and digital economies grow.

Song Eon-seog, chairman of the National Assembly's Strategy and Finance Committee, emphasized that tax administration plays a "crucial role in fostering economic growth and improving people's lives," expressing hope that the meeting would foster insights for fiscal soundness and fair taxation.

The four-day event provides a platform for these leaders to jointly tackle pressing challenges in international tax administration, including digital tax transformation using artificial intelligence and big data, taxpayer data protection and tax dispute resolution. Delegates will also exchange views on tax policy reforms across jurisdictions to enhance consistency.

Forums for working-level officials will facilitate in-depth discussions on topics, such as transfer pricing, countermeasures against tax evasion and anti-tax crime strategies.

On the final day, international economic bodies, including the Organization of Economic Cooperation and Development and the Asian Development Bank, will lead sessions examining comparative analyses of regional tax systems and discussing initiatives to enhance transparency and information exchange.

During the event, Commissioner Kang will also hold bilateral meetings with international tax leaders, including Japan's Commissioner Tatsuo Oku and Vietnam's Director General Mai Xuan Thanh, to explore collaborative efforts on international tax crime and initiatives to strengthen tax environments for Korean businesses abroad.

By Choi Ji-won (jwc@heraldcorp.com)