Commissioner Kim Dae-ji Meets UK and Bulgaria Tax Chiefs to Strengthen Cooperation Against Unfair Tax Evasion

Kim Dae-ji, Commissioner of the National Tax Service, is taking a commemorative photo with Jim Harra, Commissioner of the UK Tax Authority.

[Asia Economy Sejong=Reporter Kim Hyewon] The tax authorities of South Korea and the United Kingdom have agreed to cooperate in addressing unfair tax evasion that undermines the principle of 'taxation corresponding to income.'

According to the National Tax Service (NTS) on the 25th, Commissioner Kim Daeji held the 2nd Korea-UK National Tax Service Commissioners' Meeting with Commissioner Jim Harra in London on the 22nd.

At the meeting, both sides agreed on the importance of the NTS's accurate income assessment and the establishment of an income data hub to eliminate welfare blind spots and improve budget efficiency.

The commissioners of both countries recognized the problem that offshore tax evasion is becoming increasingly covert by using offshore finance (such as trusts and funds) in addition to traditional methods, and that there are limitations to addressing this issue solely through individual countries' systems and administrations. They especially agreed to conduct early exchanges of critical specific information and to activate voluntary and automatic information exchanges to enhance the fairness of selecting offshore tax evasion investigation targets and improve investigation outcomes.

According to the NTS, the meeting achieved results including ▲ exploring directions for advancing benefit taxation such as real-time income assessment ▲ cooperation in exchanging offshore tax evasion information to realize fair taxation and sharing experiences in responding to tax evasion by high-net-worth individuals ▲ spreading cases of digital transformation and tax administration innovation.

Kim Dae-ji, Commissioner of the National Tax Service, is taking a commemorative photo with Lumen Spechov, Commissioner of the Bulgarian National Revenue Agency.

On the 24th, Commissioner Kim also held the first Korea-Bulgaria National Tax Service Commissioners' Meeting with Commissioner Rumen Spetsov in Sofia, Bulgaria.

At the meeting with Commissioner Spetsov, Commissioner Kim stated, "Electronic tax administration is the key to enhancing services and achieving fair taxation," and shared strategies for each stage of electronic tax administration, promotion tasks, cases of digital transformation and tax administration innovation, and the process of establishing cash receipts.

This content was produced with the assistance of AI translation services.