Tax Audits, in Korea, often led to extreme stress for our clients. However, understanding the system and having an experienced tax accountant and sometimes a tax lawyer with experience in audits, normally, leads to a decent outcome from the National Tax Service of Korea.
Yes, you will, likely, be audited during your time doing business in Korea. However, in all but the most flagrant of violations, the financial damage is, typically, minimal .
The NTS has a decent basic explanation of the audit procedure in English. The pamphlet may be found at: Audits in Korea: NTS. We will be writing more about the audit procedure in the near future.
The National Tax Service of Korea is an agency we are happy to say has a website with a great deal of useful information. The NTS website may be found at: NTS.
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- 17 Percent Flat Tax for Foreign Nationals Residing in Korea: Korean Tax Amendments for 2013
- Korean National Tax Service Tax Law News Release to Foreign Corporate Taxpayers: Korean Tax Law Updates
- Tax Incentives May Decrease for Foreign Companies doing Business in Korea: Tax Law Updates
- Korean Tax Laws on Entertainment Companies in Korea: Overseas Tax Deductions
- Doing Business in Korea: A blog and webroll