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Korea shares tax digitization strategy with UK and Bulgaria






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Korea shares tax digitization strategy with UK and Bulgaria

National Tax Service (NTS) Commissioner Kim Dae-ji, left, shakes hands with Jim Harra, first permanent secretary and chief executive of Britain's HM Revenue & Customs, after their meeting in London, March 22.  Courtesy of NTS
National Tax Service (NTS) Commissioner Kim Dae-ji, left, shakes hands with Jim Harra, first permanent secretary and chief executive of Britain’s HM Revenue & Customs, after their meeting in London, March 22. Courtesy of NTS


By Yoon Ja-young

The Korean tax agency has shared its tax digitization strategy with its counterparts in the UK and Bulgaria and also agreed to coordinate closely with them to tackle overseas tax evasion.

The National Tax Service (NTS) said its commissioner Kim Dae-ji had a meeting with Jim Harra, first permanent secretary and chief executive of the UK’s HM Revenue & Customs, in London on March 22.

At the meeting, the heads of the two countries’ tax agencies agreed that accurately capturing income and setting up an income data center is key to eliminating blind spots in social protection and improving the efficiency of budget spending.

Commissioner of the National Tax Service (NTS) Kim Dae-ji, right, shakes hands with Rumen Spetsov, the head of Bulgaria's National Revenue Agency, after their meeting in Sofia, Bulgaria, March 24.  Courtesy of NTS
Commissioner of the National Tax Service (NTS) Kim Dae-ji, right, shakes hands with Rumen Spetsov, the head of Bulgaria’s National Revenue Agency, after their meeting in Sofia, Bulgaria, March 24. Courtesy of NTS

Governments around the world are looking to big data from tax agencies to deliver personalized social protection services, especially as income and asset gaps widen in the wake of the pandemic. The UK tax agency is known as a leader in this area, linking wellbeing to its detailed income and asset data by operating an income data centre.

The two countries have also agreed to cooperate to combat tax evasion which undermines the principle that taxes should correspond to income. They acknowledged that offshore tax evasion cases are becoming more sophisticated using new financial products and virtual assets that make it harder for a single country to deal with them. Korea and the UK agreed to share cases of overseas tax evasion as well as know-how to deal with it and what infrastructure should be put in place to stop super-tax evasion. rich.

Kim also had a meeting with Rumen Spetsov, the head of Bulgaria’s National Revenue Agency, in the country’s capital, Sofia, on March 24. It was the first official meeting between the heads of the two countries’ tax agencies.

Since Kim’s presentation at the 25th General Assembly of the Intra-European Organization of Tax Administrations in July last year, the Bulgarian tax agency has been interested in the digitalization of taxation in Korea, asking Korea to share his experience.

Emphasizing that e-taxation is the shortcut to upgrading tax services and fair taxation, Kim introduced his Bulgarian counterpart to various topics such as Korea’s e-taxation strategy, the tasks currently being pursued, innovative examples of digitization of taxation and how Korea successfully implemented a receipt. system, which Bulgaria has also recently adopted to combat tax evasion.

The NTS said the meetings were part of its “diplomatic efforts” to seek sustainable growth jointly with other countries’ tax agencies, and added that it would tackle new challenges while contributing to the international community. .

National Tax Service (NTS) Commissioner Kim Dae-ji, left, shakes hands with Jim Harra, first permanent secretary and chief executive of Britain's HM Revenue & Customs, after their meeting in London, March 22.  Courtesy of NTS
National Tax Service (NTS) Commissioner Kim Dae-ji, left, shakes hands with Jim Harra, first permanent secretary and chief executive of Britain’s HM Revenue & Customs, after their meeting in London, March 22. Courtesy of NTS


By Yoon Ja-young

The Korean tax agency has shared its tax digitization strategy with its counterparts in the UK and Bulgaria and also agreed to coordinate closely with them to tackle overseas tax evasion.

The National Tax Service (NTS) said its commissioner Kim Dae-ji had a meeting with Jim Harra, first permanent secretary and chief executive of the UK’s HM Revenue & Customs, in London on March 22.

At the meeting, the heads of the two countries’ tax agencies agreed that accurately capturing income and setting up an income data center is key to eliminating blind spots in social protection and improving the efficiency of budget spending.

Commissioner of the National Tax Service (NTS) Kim Dae-ji, right, shakes hands with Rumen Spetsov, the head of Bulgaria's National Revenue Agency, after their meeting in Sofia, Bulgaria, March 24.  Courtesy of NTS
Commissioner of the National Tax Service (NTS) Kim Dae-ji, right, shakes hands with Rumen Spetsov, the head of Bulgaria’s National Revenue Agency, after their meeting in Sofia, Bulgaria, March 24. Courtesy of NTS

Governments around the world are looking to big data from tax agencies to deliver personalized social protection services, especially as income and asset gaps widen in the wake of the pandemic. The UK tax agency is known as a leader in this area, linking wellbeing to its detailed income and asset data by operating an income data centre.

The two countries have also agreed to cooperate to combat tax evasion which undermines the principle that taxes should correspond to income. They acknowledged that offshore tax evasion cases are becoming more sophisticated using new financial products and virtual assets that make it harder for a single country to deal with them. Korea and the UK agreed to share cases of overseas tax evasion as well as know-how to deal with it and what infrastructure should be put in place to stop super-tax evasion. rich.

Kim also had a meeting with Rumen Spetsov, the head of Bulgaria’s National Revenue Agency, in the country’s capital, Sofia, on March 24. It was the first official meeting between the heads of the two countries’ tax agencies.

Since Kim’s presentation at the 25th General Assembly of the Intra-European Organization of Tax Administrations in July last year, the Bulgarian tax agency has been interested in the digitalization of taxation in Korea, asking Korea to share his experience.

Emphasizing that e-taxation is the shortcut to upgrading tax services and fair taxation, Kim introduced his Bulgarian counterpart to various topics such as Korea’s e-taxation strategy, the tasks currently being pursued, innovative examples of digitization of taxation and how Korea successfully implemented a receipt. system, which Bulgaria has also recently adopted to combat tax evasion.

The NTS said the meetings were part of its “diplomatic efforts” to seek sustainable growth jointly with other countries’ tax agencies, and added that it would tackle new challenges while contributing to the international community. .