15/09/21

SOUTH KOREA: Tax chief seeks cooperation with Denmark, Hungary.

As published on koreaherald.com, Wednesday 15 September, 2021.

South Korea‘s tax chief met his counterparts in Denmark and Hungary to strengthen cooperation with the European agencies, and discuss future of electronic tax administration system in the post-pandemic era, officials said Wednesday.

National Tax Service Commissioner Kim Dae-ji held a bilateral meeting with Merete Agergaard, chief of Danish tax agency in Copenhagen and a separate meeting in Budapest with his Hungarian counterpart Vagujhelyi Ferenc during his trip earlier this month.

Meetings in the two cities were arranged to join forces in preventing offshore tax evasion as well as double taxation for trading firms, they said.

In Budapest, tax chiefs signed a memorandum of understanding on strengthening sustainable cooperation on an electronic tax administration system, sharing knowledge and experience of artificial intelligence and big data on administrative works.

Hungary is the first Eastern European country to form a trading partnership with Korea. As of 2019, Hungry had 43 new Korean branches investing $740 million there, according to the NTS.