Invest KOREA

According to Yonhap News,

(SEOUL = Yonhap News) Korea’s legal systems and implementations in the areas of tax transparency and exchange of information received the top grade from the Global Forum on Transparency and Exchange of Information for Tax Purposes of the Organization for Economic Co-operation and Development (OECD), according to an announcement by the Ministry of Strategy and Finance (MOSF) last month.

The country received nine ratings of “Compliant” out of 10 assessment items including in the determination of its ability to secure tax information, and one “Largely Compliant” rating in the determination of ability to secure the information of unregistered owners.

Korea received a rating of “Compliant” overall. Eighteen of the 50 countries reviewed received this rating, including France, Japan and Canada.

The Global Forum on Transparency and Exchange of Information for Tax Purposes has assessed the adequacy of its members’ legal framework for the exchange of information in tax matters as well as the application of the framework since March of 2013. The assessment criteria include whether the domestic laws that enable authorities to obtain tax information exist and whether the information is available to authorities.

“The result shows that Korea’s compliance with international standards regarding transparency and the ability to exchange information has reached the level of advanced countries,” said an MOSF official.