Kim Chang-gi, Commissioner of the National Tax Service, Visiting AmCham: "We Will Create the Optimal Tax Environment to Expand Foreign Company Investments"

Lunch Meeting with the Delegation of American Companies in Korea

Commissioner Kim Chang-gi of the National Tax Service met with James Kim, Chairman of the American Chamber of Commerce in Korea (AMCHAM), and promised to create an optimal tax environment to revitalize foreign investment and establish Korea as an Asian business hub.

On the 11th, Commissioner Kim attended a luncheon meeting with the delegation of American companies in Korea organized by AMCHAM to listen to their difficulties.

This meeting was held again at AMCHAM's invitation, following a similar meeting hosted by the National Tax Service for the AMCHAM delegation in September 2022. It was arranged to explain the tax-related measures for revitalizing foreign investment promoted by the government and the National Tax Service’s tax support plans, as well as to hear and seek solutions for tax-related challenges faced by foreign companies.

Kim Chang-ki, Commissioner of the National Tax Service, is speaking at a luncheon meeting with representatives of American companies in Korea hosted by the American Chamber of Commerce in Korea on the 11th.

At the meeting, Commissioner Kim stated, "Despite the uncertain global economic situation, foreign direct investment in Korea reached a record high of 32.72 billion USD last year, with the United States accounting for the largest share at 18.7%. We will establish a stable and predictable tax environment based on international standards, ensuring fair taxation without discrimination between domestic and foreign corporations, so that foreign companies can focus on conducting business in Korea."

The AMCHAM delegation attending the meeting requested expanded tax and tax administration support for attracting foreign companies and expedited processing of the Advance Pricing Agreement (APA) system. The APA system is a mechanism where tax authorities agree in advance on transfer prices for international transactions between related companies within multinational corporate groups to prevent tax disputes related to international transactions.

The National Tax Service pledged to support the introduction of tax measures to expand foreign investment and to expedite the APA procedures.

Commissioner Kim said, "I hope this meeting will serve as an opportunity to further strengthen the cooperative relationship between the National Tax Service and foreign companies. We will continue to communicate with foreign companies, including American companies in Korea, and actively reflect their field opinions in tax administration."

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