Concerns Over Local Tax Barriers in Overseas Construction... Supported by the Big Four Accounting Firms

Overseas Construction Association - Big Four Accounting Firms Tax Consulting Business Agreement

From the left, Kwon Ji-won, Head of Anjin Accounting Corporation, Yoon Seok-jin, Vice President of Han Young Accounting Corporation, Park Sun-ho, President of Overseas Construction Association, Lee Joong-hyun, Head of Samil Accounting Corporation, Oh Sang-beom, Vice President of Samjung Accounting Corporation, Lee Sang-mi, Officer in charge of Overseas Construction Policy Division

The Overseas Construction Association announced on the 30th that it has signed a tax consulting business agreement (MOU) with four accounting firms?Samil, Samjung, Anjin, and Hanyoung?to support overseas construction companies.

This business agreement was established to support small and medium-sized enterprises (SMEs) and mid-sized companies facing difficulties in carrying out overseas construction projects due to the practical issues of lacking professional personnel, capital, and information assets.

Through this agreement, the association and the four major accounting firms agreed to mutually cooperate in providing consulting services to help SMEs and mid-sized companies resolve tax issues they may encounter in local countries, such as unexpected tax impositions after project completion.

At the signing ceremony held the previous day, Park Sun-ho, president of the Overseas Construction Association, said, "The tax consulting support project is a government initiative conducted together with accounting firms representing Korea, providing advisory services in tax and accounting areas that companies genuinely need. We expect it to be a much-needed relief for our companies amid the challenging external environment."

The accounting firms stated, "Tax laws in many overseas countries are continuously changing, but it is difficult to conduct accurate diagnosis and review for business planning. We are especially pleased to be able to assist SMEs in their overseas construction activities and will strive to contribute to the development of the overseas construction industry."

Eligibility for participation in the tax consulting support project is limited to SMEs and mid-sized companies that have completed overseas construction business registration. From early April, applications can be submitted to the Overseas Construction Association’s SME Order Support Center to receive the service.

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