Tax Regulations for Self-employed to be Revised

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Tax Regulations for Self-employed to be Revised

The government decided to push ahead plans to abolish a variety of taxes in 2001.
It also decided to make it compulsory for members of the Korean Bar Association, Doctors Association, and Real Estate Broker Association to offer more detailed information on their earnings to tax authorities.
The Office of the National Tax Adminstration, on March 5, held a meeting of superintendents from national taxation offices. Finance and Economy Minister Lee Kyu Sung and the commissioner of the Office of the Tax Administration, Lee Kun Chun, also attended.
The Tax Administration decided to push for revisions in tax regulations for private businessmen and the self-employed which would come into effect during the second half of this year. The revisions would only be in effect for approximately one year and then the whole system will be abolished in 2001 in favor of a new taxation system.
Currently private businessmen and those who are self-employed have been abusing the tax regulations. Tax evasion and under-reporting of earnings is believed to be widespread.
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