Korea and UK coordinate against tax evasion

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Korea’s National Revenue Service Commissioner Kim Dae-ji (left) poses with Britain’s First Permanent Secretary and Chief Executive Jim Harra in London on Tuesday. (National Tax Service)

SEJONG — The tax administration agencies of South Korea and the United Kingdom have agreed to work closely together to exchange information on how to track tax evasion by wealthy individuals.

The two men also discussed ways to share confidential information regarding overseas tax evasion, Korea’s National Tax Service said on Friday.

The bilateral agreement came during a meeting between Korea’s NTS Commissioner Kim Dae-ji and Britain’s First Permanent Secretary and Chief Executive Jim Harra in London on Tuesday.

Kim and Harra reached a consensus that the accurate assessment of income by the tax administration and the creation of an income data center must be a prerequisite for increasing both the transparency of the protection social and fiscal efficiency, according to the NTS.

The two leaders, in particular, shared the view that the heart of fair taxation lies in countermeasures against offshore tax avoidance practices by high-income brackets seeking to dodge taxation. ‘tax.

“Preventive action is needed, given that there are illegitimate transfers of property and management rights to their children among some wealthy people,” an NTS official said. “Regarding offshore dodging, both sides plan to quickly boost information exchanges.”

Commissioner of Korea's National <a class=Tax Service Kim Dae-ji (right) poses with Director General of Bulgaria’s National Revenue Agency Rumen Spetsov in Sofia on Thursday. (National Tax Service)” categoryid=”9900000000000000″ src=”http://res.heraldm.com/content/image/2022/03/25/20220325000435_0.jpg”/>

Commissioner of Korea’s National Tax Service Kim Dae-ji (right) poses with Director General of Bulgaria’s National Revenue Agency Rumen Spetsov in Sofia on Thursday. (National Tax Service)

After the meeting in the UK, Commissioner Kim held a meeting with his Bulgarian counterpart Rumen Spetsov in Sofia on Thursday, which marked the first of his affair between the two tax administrations.

The two leaders agreed to share information and know-how on the cashing system, which Korea was the first in the world to introduce. Bulgaria lobbied for a stable implementation of the cashing system in its market.

They also discussed ways to coordinate policies to move towards futuristic, digitally-oriented taxation.

The NTS said it will continue to conduct policy cooperation with other tax administrative agencies around the world. “One of them is actively sharing Korea’s innovative tax digitization with the global community.”

Earlier this year, Commissioner NTS Kim held meetings with his counterparts from Georgia and India, respectively.

By Kim Yon-se ([email protected])


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