SEOUL, Chinese business leaders asked the South Korean government Wednesday to extend greater tax credits and other incentives for their companies operating and making investments in South Korea, Seoul’s tax agency said.
The China Chamber of Commerce in Korea (CCCK), led by Chairman Weiyu Yin, made the request during a meeting with National Tax Service (NTS) Commissioner Kim Chang-ki and officials from the Korea Trade-Investment Promotion Agency in Seoul, according to the NTS.
Around 10 CEOs of its member companies also attended the meeting.
During the talks, the CCCK expressed gratitude for the agency’s effort to provide tax assistance to foreign businesses and enhance engagement with them.
They also called for expanding tax incentives for investment by foreign companies, as well as for their employees, and asked for giving more foreign firms the “honorable taxpayer” distinction in recognition of their compliance efforts, the NTS said.
Kim vowed to continue to ensure “fair taxation and equal treatment”
for domestic and foreign companies and to establish a “stable and predictable” tax environment in line with global standards.
It was the first meeting between the South Korean tax agency and Chinese companies, the NTS said, adding that it will further enhance communication with foreign businesses.