Tag: corporate tax

corporate tax

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The exterior of the National Tax Service building in Sejong [YONHAP]

Korea to begin 1st filing for global minimum corporate tax next month

Korea's tax authorities said Tuesday they will begin receiving filings under the new global minimum corporate tax regime from more than 2,500 multinational enterprises next month.

2026.4.28

Gov't anticipates corporate tax revenue boost amid strong earnings

Korea is likely to collect more national tax revenue than expected this year, a shift that could end three years of tax shortfalls and possibly lead to a supplementary budget.

2026.2.10

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First Vice Finance Minister Lee Hyoung-il, center, speaks with a staff member during a party-government consultation meeting on tax reform held at the National Assembly members' office building in Yeouido, western Seoul, on July 29. [NEWS1]

Top office, DP agree to raise corporate tax rate to 25%

The Lee Jae Myung administration and the ruling Democratic Party agreed Tuesday to raise the corporate tax rate and lower the threshold for capital gains tax on large corporate shareholders, effectively reversing the previous government's tax cuts.

2025.7.29

Acting Democratic Party (DP) leader Kim Byung-kee, right, and DP deputy floor leader Moon Jin-seog, left, speak during a party policy coordination meeting at the National Assembly in Yeouido, western Seoul, on July 17. [YONHAP]

DP calls to raise corporate tax for the wealthy, presidential office stays cautious

The Democratic Party ramped up calls to roll back corporate tax cuts for the wealthy, sharpening its stance after finance minister nominee Koo Yun-cheol said he would “actively consider” restoring the corporate tax rate in his confirmation hearing.

2025.7.18

Clockwise from top left are the logos of Apple, McDonald's and Nike [YONHAP, REUTERS]

Apple, McDonald’s, Nike avoided taxes in 2023: NTS

Major foreign corporations in Korea, including Apple and Nike, reportedly avoided corporate taxes in 2022, raising concerns over tax fairness.

2024.9.19

The Ministry of Economy and Finance's its headquarters in the central city of Sejong [YONHAP]

Tax revenue falls through May as corporate levies decline

Korea's tax revenue fell 9.1 trillion won ($6.6 billion) during the first five months of 2024, due mainly to reduced earnings from corporate taxes, data showed Friday.

2024.6.28

What excuse does this government have?

Tax income rose 3 trillion won ($2.2 billion) in January. The year-on-year rise for the first time in three months is a relief, even it owes largely to the base effect of deficit-ridden 2023. The sustainability of the increase, however, is...

2024.3.1

A pedestrian stands beside a Bank of China branch in Beijing. [EPA/YONHAP]

Top court rules against Bank of China in foreign tax credit case

Korea’s Supreme Court ruled against the Bank of China in its case against the country’s tax authorities over a corporate tax levy of 35.8 billion won ($26.9 million).

2024.2.19

What happens if corporate tax revenue falls?

We have to examine if Korea’s key players really receive the support their rivals get.

2023.10.5

Government facing fiscal deficit from corporate tax shortage

The government potentially faces a fiscal deficit this year due to plunging corporate taxes. The total corporate tax collected in the first four months this year was 35.6 trillion won ($27.2 billion), down 30.8 percent on year, according to the...

2023.6.6