Kim Chang-gi, Commissioner of the National Tax Service, Holds First Meeting with Chinese Companies... Discusses Support Measures for Foreign Investment

Commissioner Kim Chang-ki of the National Tax Service held a meeting for the first time with Chinese companies and discussed support measures for foreign investment, including the expansion of tax benefits for foreign companies.

The National Tax Service announced that it held a meeting with the China Chamber of Commerce in Korea (CCCK) on the 8th, together with the KOTRA Foreign Investment Ombudsman.

This meeting was held for the first time with Chinese companies to strengthen communication with foreign companies other than major investor countries such as the United States and Japan. About 10 representatives from Chinese companies in Korea attended, where the operation plan of national tax administration and tax support for foreign companies were explained, and the companies' tax-related difficulties were heard.

Kim Chang-ki, Commissioner of the National Tax Service (center front row), held a meeting with the China Chamber of Commerce in Korea (CCCK) together with KOTRA (Foreign Investment Ombudsman) on the 8th and is taking a commemorative photo with the attendees.

As of 2022, there are a total of 1,204 Chinese companies operating in Korea, accounting for about 10% of all foreign companies (12,205). By industry, wholesale trade (47.5%), services (16.6%), and manufacturing (9.6%) are the top sectors.

Commissioner Kim said at the meeting, "Since the Korea-China Free Trade Agreement (FTA) came into effect in December 2015, marking its 10th year, the trade volume between the two countries increased by 36.5% as of 2022, reaching a record high of 310.4 billion dollars even amid the COVID-19 pandemic. I express my gratitude to the Chinese companies that have invested in Korea with unwavering trust over a long period."

He added, promising fair taxation without discrimination between domestic and foreign corporations, "We will establish a stable and predictable tax environment in line with international standards so that foreign companies can focus on conducting business in Korea."

The CCCK delegation attending the meeting proposed tax support measures for foreign companies, including ▲tax credits for employees of foreign corporations ▲expansion of tax benefits such as integrated investment tax credits ▲and increased selection of model taxpayers among foreign companies.

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

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