Tax agency to go easy on foreign firms to spur FDI

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Tax agency to go easy on foreign firms to spur FDI

The National Tax Service said yesterday that it will scale back its regular tax investigations into foreign companies to encourage more foreign direct investment.

Kim Moon-soo, the agency’s deputy commissioner, said that foreign companies have made huge contributions to the nation’s economic development and recovery from global crises. He added that it is necessary to eradicate uncertainties resulting from excessive taxation in order to provide a better environment for business activities.

However, he stressed that the tax agency will continue to crack down on intentional tax evasion carried out by both foreign and domestic companies.

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