National Tax Service Introduces Compulsory Fines‍ for Multinational Corporations

The National Tax Service has decided to introduce ‍a ‘compulsory performance fine’ for multinational corporations that obstruct investigations. This move aims to prevent acts of interference with⁢ investigations ‍and ensure ⁢fair taxation.

Expanding Appraisal of Expensive Real Estate

The​ National Tax‍ Service will expand the scope and‍ target of appraisal of ‍expensive ⁢real estate, including small buildings and commercial-residential housing. This decision aims to increase⁣ the fairness of the tax ‌burden and prevent excessive and duplicate deductions.

Strengthening Fair Taxation

The ​National Tax Service will strengthen fair taxation by expanding the appraisal of small buildings that are taxed at the standard market price rather⁢ than the market ​price. Additionally,‌ ultra-high-priced apartments and ‌commercial-residential complexes will be included in the valuation target.

Innovating the System to Prevent ‍Tax Evasion

The National Tax Service will innovate the system to prevent ‍excessive and duplicate ⁣deductions by restricting access to information on dependents who‍ are⁣ not eligible for deductions during the year-end tax settlement. The tax office⁣ will also utilize an AI and big data-based tax evasion analysis and detection system to select targets for⁣ regular tax investigations.

On-Site Tax Collection and Flexible Management

The National Tax Service will strengthen on-site tax⁣ collection, including inquiring into and searching the actual residences ​of tax evaders and those living in luxury lifestyles that infringe on people’s‌ livelihoods. The tax‍ office will flexibly manage the annual number of ⁤cases by taking into account economic conditions and human resources.

Commissioner’s Statement

Commissioner Kang Min-soo stated that he would become a National Tax Service that “does what ‍needs to be done properly, to⁤ the end.”