South Korea


South Korean Government Rejects Tax Hike Calls

Posted on July 11th, by Global Tax Weekly in Corporation Tax, Government. No Comments

In the olden days, taxes were used to raise money, initially to help governments wage wars, then later to fund public services. Taxes still help governments wage war and run public services of course, but they are now much more than mere revenue-raisers. They are an instrument of economic policy, and a symbol of the “social contract” between rulers and the ruled. Thus, governments cut taxes in an attempt to stimulate the economy, and raise them to cool overheating markets. That taxes are typically used also to promote income distribution makes tax policy a political issue.

Now taxes are so politicized, it’s very hard to get rid of one — even when it could be argued that it serves little purpose. And South Korea’s debate about corporate tax highlights the role of corporate tax in particular. To most people it … Read More »





RELATED ARTICLES AND INFORMATION

Australia Announces Budget Measures

The Australian Government announced in its Budget that it would be bringing forward personal tax cuts that had been scheduled for 2022.

The Australian authorities...

UK Clarifies VAT Rules

In the UK, while things are gearing up to get more complicated on pretty much all fronts, the tax authority sought to provide clarity...

Australia Focussing On COVID-19 Compliance

In Australia, the ATO is highlighting non-compliance by some businesses with the rules regarding eligibility for providing JobKeeper payments.

The JobKeeper Payment scheme is a...