[Contribution] Avoid penalties, claim benefits: How NTS supports foreign taxpayers

By Choi Jae-bong There is a world-renowned football player whose exceptional positioning and goal-scoring prowess have earned him many fans here in Korea. This player, Cristiano Ronaldo, while playing in Spain as a foreign athlete, once drew international media attention not only for his athletic brilliance but also for his tax troubles. He established a shell company in the low-tax jurisdiction of the British Virgin Islands and funneled his advertising income through this entity, significantly

May 1, 2025

Seoul shares snap 3-day rise on chip, battery losses

Seoul shares closed lower Wednesday, led by a slump in tech, auto and battery stocks, as Samsung Electronics reported a sluggish semiconductor business performance in its first-quarter earnings. The Korean won surged against the US dollar. The benchmark Korea Composite Stock Price Index dropped 8.81 points, or 0.34 percent, to close at 2,556.61. Trade volume was moderate at 480 million shares worth 8.33 trillion won (US$5.86 billion), with losers outnumbering gainers 547 to 345. Institutions and

April 30, 2025

Buying apartment in Seoul now takes 24 years of full-salary saving

Buying an apartment in Seoul has become increasingly out of reach for average workers, with average home prices soaring past 1.3 billion won for the first time, according to latest data. KB Kookmin Bank’s monthly real estate report, released Monday, showed that the average price of apartments in Seoul reached 1.3 billion won ($913,500) in April, marking a 0.98 percent increase from the previous month. That figure is 2.5 times the national average of 522 million won. Experts suggest that rising c

April 30, 2025

S. Korea's tax revenue increases W5.5tr in March on higher corporate tax collection

South Korea's tax revenue increased by 5.5 trillion won ($3.8 billion) in March compared to a year earlier, driven largely by higher corporate tax collection, the finance ministry said Wednesday. The government collected 32.3 trillion won in taxes last month, compared with 26.9 trillion won in the same month last year, according to the Ministry of Economy and Finance. The rise was mainly attributed to improved business performance among corporations whose fiscal year ended in December. As a resu

April 30, 2025

Card spending climbs over 3% in Q1

Credit card spending in South Korea rose by more than 3 percent in the first three months of the year from a year earlier, data showed Wednesday. Spending made with credit, debit and prepaid cards came to 300.6 trillion won ($210 billion) in the January-March period, up 3.3 percent from the same period last year, according to the data compiled by the Credit Finance Association. During the cited period, the number of approved card settlements climbed 1.2 percent on-year to 6.85 billion cases. The

April 30, 2025

Seoul shares open tad higher on US gains

Seoul shares opened slightly higher Wednesday as investors tracked overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 1.92 points, or 0.07 percent, to 2,567.34 in the first 15 minutes of trading. Overnight, Wall Street closed higher amid investor optimism over tariff negotiations between Washington and its trading partners, as US President Donald Trump marked the 100th day of his second term in office on Tuesday. The Dow Jones Industrial Average rose 0.75 percen

April 30, 2025

Industrial output edges up in March on robust chip production

South Korea's industrial output edged up in March from the previous month, supported by strong semiconductor production, despite lingering weakness across other sectors, data showed Wednesday. Industrial production rose 0.9 percent last month, marking the second straight month of growth following a downturn that began in September, except for a brief uptick in December, according to the data compiled by Statistics Korea. In contrast, retail sales, a key gauge of private spending, inched down 0.3

April 30, 2025

Seoul says is not seeking hasty trade deal with US before June election

South Korea is not rushing to conclude its trade talks with the United States ahead of its upcoming presidential election in early June, the finance ministry said Wednesday. "Our position remains unchanged that we will proceed in accordance with due process without rushing the talks," the ministry emphasized. The remarks come after US Treasury Secretary Scott Bessent suggested that Seoul wants to have the "framework of a deal" before its June 3 presidential election. Responding to a question Tue

April 30, 2025

Monthly rentals hit record 64.6% of Seoul housing leases as 'jeonse' system fades

Monthly rental contracts now make up nearly 65 percent of all new housing leases in Seoul, reaching a record high as South Korea’s traditional lump-sum rental system, "jeonse," continues to disappear. According to the latest data by the Supreme Court’s Integrated Registration Information System, Seoul registered 233,958 residential lease contracts between January and March this year. Of those, 151,095 — roughly 64.6 percent — were monthly rental deals, the highest share since data collection beg

April 29, 2025

Korean job seekers want W41.4m starting salary: survey

Job seekers in South Korea want to be paid 41.4 million won ($28,775) in their first year of employment, a survey showed Tuesday. A local job search platform Incruit researched 691 people about to graduate from college in August of this year to find their ideal and minimum first-year salary. The asking salary for this year marked a slight increase from 41.36 million won in the same survey last year. Those wanting to work at large corporations sought 43.58 million won, those targeting middle-mark

April 29, 2025

Inflation understanding falls sharply among S. Koreans as financial literacy slips

South Korean adults' understanding of what inflation is and how it affects their purchasing power fell sharply between 2022 and last year, as their overall financial literacy declined, a report showed Tuesday. According to the report by the Bank of Korea and the Financial Supervisory Service, Korean adults scored an average of 65.7 out of 100 on a financial literacy test in 2024 — down from 66.5 in 2022. The study measured how well people grasp key financial concepts and how they apply them in d

April 29, 2025

Govt. asks oil industry to refrain from price hikes ahead of tax adjustment

The industry ministry on Tuesday asked oil companies to refrain from drastic price hikes, as the government plans to scale back the fuel tax cut starting next month, officials said. Last week, the government announced its decision to extend the fuel tax cut for an additional two months through the end of June, while reducing the tax discount on gasoline from 15 percent to 10 percent and trimming the 23 percent tax cut on liquefied petroleum gas to 15 percent. During a meeting with officials of l

April 29, 2025

Govt. holds meeting with exporters to share outcome of trade talks with US

South Korea's industry ministry on Tuesday held a meeting with domestic exporters to share the results of last week's high-level trade talks with the United States and to gather industry feedback. The meeting, co-hosted by the Korea International Trade Association, brought together executives from 15 major companies in shipbuilding, aerospace, defense, nuclear power, batteries and other strategic sectors most likely to be affected by Washington's escalating tariff measures, according to the Mini

April 29, 2025

Samsung Electro-Mechanics Q1 net income drops on weak currency

Samsung Electro-Mechanics Co., an electronic component affiliate of Samsung Group, said Tuesday its net profit fell 24.1 percent in the first quarter from a year earlier due mainly to a weak local currency. Net income amounted to 141.6 billion won ($98.4 million) for the January-March period, compared with 186.5 billion won a year ago, the company said in a regulatory filing. The earnings fell behind market expectations. The average estimate of net profit by analysts stood at 172.2 billion won,

April 29, 2025

Seoul shares rise for 2nd day amid cautious tariff optimism

South Korean stocks finished marginally higher Monday as investors assessed last week's talks between South Korea and the United States on the latter's sweeping tariff scheme. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 2.56 points, or 0.1 percent, to close at 2,548.86. Trade volume was moderate at 449.07 million shares worth 7.73 trillion won ($5.35 billion), with losers beating winners 519 to 366. The index opened markedly higher and mov

April 28, 2025