AmCham, Special Meeting Invited by National Tax Service... "Request for Business-Friendly Tax Policy Enforcement"

[Asia Economy Reporter Donghoon Jeong] The American Chamber of Commerce in Korea (AMCHAM) held a meeting with Kim Chang-gi, Commissioner of the National Tax Service, on the morning of the 16th at The Plaza Hotel Seoul.

The meeting was organized to share the difficulties foreign-invested companies face in Korea regarding tax policies and to exchange opinions on improving the domestic business environment, with representatives and officials from foreign-invested companies in attendance. The delegation requested more business-friendly tax policies and enforcement, the establishment of policies for the sustainable operation of foreign-invested companies, and tax benefits for American companies investing in Korea.

The AMCHAM delegation included James Kim, Chairman and CEO of AMCHAM; Henry Ahn, Chairman of the AMCHAM Board and Vice President of Samil Accounting Corporation; Jeffrey Jones, Chairman of the Future Partnership Foundation and attorney at Kim & Chang Law Office; as well as representatives from Citibank Korea, GM Korea, Han Young Accounting Corporation, Lockheed Martin, IBM Korea, Inspire Entertainment Resort, and Baker Hughes.

James Kim, Chairman and CEO of AMCHAM, stated, "Tax policy support is essential for South Korea to firmly establish itself as an attractive global investment destination. Earlier this year, AMCHAM submitted a letter to the Yoon Suk-yeol administration with proposals for tax reform, and we appreciate the Ministry of Economy and Finance’s recent tax reform plan concerning the five-year limitation on the 19% flat tax rate for foreigners."

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