Im Kwang-hyun, head of Korea's National Tax Service, met with tax authorities from major Asia-Pacific countries to strengthen cooperation on recovering assets hidden overseas by tax delinquents and to expand efforts against offshore tax evasion.
The National Tax Service announced on September 11 that Im attended the 55th Asia-Pacific Tax Administrators Meeting (SGATAR) held in Singapore on September 8-9, where he introduced Korea's artificial intelligence (AI) tax reform strategy and held bilateral meetings with key countries.
During the meeting, the National Tax Service signed a memorandum of understanding (MOU) with New Zealand to enhance cooperation in asset recovery. This agreement aims to effectively address the issue of tax delinquents hiding assets abroad. Im expressed gratitude for New Zealand's prompt cooperation in recovering overseas hidden financial assets, which he noted would enhance the effectiveness of their asset recovery collaboration.
With Mongolia, both sides agreed to sign a practical agreement on information exchange at the next meeting of the two countries' tax authorities. They acknowledged the importance of international cooperation in preventing offshore tax evasion. The National Tax Service also plans to provide capacity-building programs to Mongolian tax officials, sharing experiences in operating automatic financial information exchange.
In discussions with Singapore, they agreed to strengthen cooperation on international tax issues, including mutual agreements and the implementation of a global minimum tax. They will also hold practical meetings to exchange experiences regarding Korea's inheritance tax and electronic tax invoice operations, as well as Singapore's taxation of virtual assets. According to the National Tax Service, Singapore taxes the disposal of virtual assets based on their business viability within the income tax framework.
Im also met for the first time with Takano Aoki, the newly appointed head of Japan's National Tax Agency, to discuss ongoing cooperation in asset recovery and responses to tax crimes. In bilateral meetings with major countries, he requested support for Korean companies operating locally.
The meeting was themed 'Designing the Future of Tax Administration through Technological Advancement, Trust Building, and Capacity Enhancement.' Im presented Korea's digital transformation strategy, focusing on risk management and human resource development in the AI era, including dedicated AI infrastructure and security measures.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.