Tax Interest Rate Disparity Hit

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Tax Interest Rate Disparity Hit

The Korea Chamber of Commerce and Industry on Thursday requested that the government revise laws to ease punitive charges for overdue corporate tax bills and reporting deficiencies.

For corporate tax refunds, the government applies an annual interest rate of 5.84 percent. But for late tax payments, the rate rises to 18.25 percent. The chamber wants that disparity narrowed, with an emphasis on raising the rate for refunds.

The chamber also called on the government to revise regulations that punish companies that fail to adequately disclose to the government changes in the status of their shareholders. It argued that the companies have to pay "unreasonable" penalties because small shareholders tend to fail to report changes in their shareholdings.
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