Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
NTS chief underscores global tax cooperation in OECD-hosted meeting
National Tax Service (NTS) Commissioner Lim Kwang-hyun, third from right, speaks during the 18th Plenary Meeting of the OECD Forum on Tax Administration in Cape Town, South Africa, held from Tuesday to Thursday. Courtesy of NTS
By Yi Whan-woo
National Tax Service (NTS) Commissioner Lim Kwang-hyun underscored the importance of international cooperation in recovering uncollected taxes during a OECD-hosted meeting of top tax officials in South Africa, the NTS said Thursday.
Lim stressed that recovering all tax debts, including those owed by delinquent and evasive individuals, along with properly managing overdue taxes, is critical for achieving tax justice.
He made the remarks at the 18th Plenary Meeting of the OECD Forum on Tax Administration (FTA) in Cape Town, attended by 54 countries and multinational financial institutions, including the International Monetary Fund, highlighting Korea’s push for fair and transparent taxation under the Lee Jae Myung administration.
These enforcement measures include investigation, seizure and auction of overseas assets held by delinquent taxpayers that are difficult to access domestically.
“Commissioner Lim emphasized the importance of achieving tax justice through delinquent tax management and collection cooperation,” the NTS said.
The agency noted that the issues Lim raised were among the pressing topics addressed in presentations and discussions by attending tax chiefs at the FTA.
In particular, the NTS said the commissioner's comments “resonated with his peers” by highlighting the role of the OECD’s Tax Debt Management Network in establishing a practical framework to combat the concealment of offshore assets.
At the gathering, Lim also expanded Korea’s tax collection efforts beyond the Asia-Pacific, building on his participation in SGATAR, a consultative body for top tax administrators in the region, in September.
He held one-on-one talks with counterparts from France, New Zealand, Belgium and other countries.
For countries such as Saudi Arabia, Slovakia and Hungary, where Korean businesses are actively expanding, Lim and corresponding tax officials agreed on establishing communication channels and addressing issues such as double taxation to ensure a stable and predictable tax environment.
“The NTS will continue to demonstrate global leadership in tax administration by strengthening ties with major international tax forums,” it said.