27/07/21

INTERNATIONAL TAX: Korea's National Tax Service pledges cooperation with Russia and Uzbekistan.

As published on koreatimes.co.kr, Tuesday 27 July, 2021.

In a move to strengthen concerted efforts for international coordination, Korea's National Tax Service (NTS) pledges to cooperate closely with Russia and Uzbekistan, particularly in preventing double taxation and in uncovering offshore tax evasion.

During his recent trip to Russia and Uzbekistan, NTS Commissioner Kim Dae-ji held meetings with his counterparts in each country to discuss coordination in the international taxation arena.

First off, Kim held a bilateral meeting with Daniil Egorov, the commissioner of the Federal Tax Service of Russia in Moscow, last Friday, the first time ever that the two countries' tax agency chiefs were able to sit together and hold an official meeting on taxation.

During the meeting, NTS Commissioner Kim suggested that the two countries effectively adopt both a Mutual Agreement Procedure (MAP) and an Advance Pricing Arrangement (APA), which is an agreement between the tax authorities of two different countries that helps prevent double taxation. His Russian counterpart, Egorov, affirmatively responded that he would review it.

Prior to the meeting, Kim held a meeting with Korean businesses operating in Russia to listen to their difficulties regarding tax issues, and delivered them to the Russian tax authority.

NTS Commissioner Kim went on to hold another bilateral meeting with his Uzbek counterpart, Sherod Kudbiev, the chairman of the State Tax Committee in Tashkent, Uzbekistan, on Monday.

Kim asked for active help regarding taxation problems for Korean businesses, as he delivered vivid voices and opinions of them to the head of the Uzbek tax authority. The two chiefs also discussed how to efficiently handle double taxation issues for international businesses.

The NTS vowed to continue expanding its network globally to share taxing expertise as well as to coordinate efforts to prevent offshore tax evasion.

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