AmCham Meets National Tax Service Chief to Discuss Strengthening Korea's Global Competitiveness

National Tax Service Announces Tax Support Measures for Foreign Companies

The American Chamber of Commerce in Korea (AmCham) met with Kwanghyun Lim, Commissioner of the National Tax Service, to convey the tax issues faced by foreign companies operating in Korea and to discuss ways to cooperate in making Korea a more competitive investment destination.

James Kim, Chairman and CEO of the American Chamber of Commerce, is speaking at a luncheon hosted by Kwanghyun Lim, Commissioner of the National Tax Service, held on the morning of the 28th at the IFC in Yeouido, Seoul. American Chamber of Commerce

James Kim, Chairman and CEO of AmCham, stated at a luncheon hosted by Commissioner Kwanghyun Lim at the IFC in Yeouido, Seoul, on the morning of the 28th, "In order for Korea to become a global hub for investment and innovation, above all, a fair and predictable tax environment must be established." He added, "Improvements such as suspending tax audits, enhancing the convenience of tax filing, and alleviating the burden of double taxation will significantly reduce uncertainty for foreign companies and serve as a crucial step in creating an investment environment that can compete with major rivals such as Singapore and Hong Kong."

On this day, AmCham conveyed the tax and taxation issues experienced by foreign companies, and Commissioner Kwanghyun Lim explained the new government's tax policy direction and key tasks, expressing his commitment to actively listen to the suggestions of foreign companies and strengthen communication. Chairman James Kim emphasized, "Foreign companies also expect to be treated fairly under the same standards and principles as domestic companies, especially regarding potential tax audits and interpretations of tax law."

On the morning of the 28th, the National Tax Service and the American Chamber of Commerce delegation are taking a commemorative photo at the meeting hosted by Kwanghyun Lim, Commissioner of the National Tax Service, held at IFC Yeouido, Seoul. American Chamber of Commerce

Commissioner Kwanghyun Lim mentioned that during the Asia-Pacific Economic Cooperation (APEC) summit, seven global companies decided to invest approximately 13 trillion won (9 billion dollars) in Korea, and stated, "We will focus our efforts on the tax administration front to create an environment where foreign companies can expand investment and concentrate solely on management."

At the meeting, the National Tax Service announced the Lee Jaemyung administration's "Tax Support Measures for Foreign Companies," aimed at resolving difficulties related to tax audits and tax filing in line with efforts to promote domestic investment by global companies.

The main measures include: ▲ a suspension of regular tax audits for up to two years for foreign companies expanding domestic investment; ▲ enhanced convenience in tax filing for foreign companies and foreigners; and ▲ alleviation of the burden of double taxation.

The AmCham delegation in attendance expressed their expectations, saying, "If tax support such as the suspension of tax audits or the expansion of advance pricing agreements (APA) is implemented, many inconveniences will be resolved, and the positive impact on investment in Korea will be significant."

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