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Korea's tax agency seeks transformation from tax collector to integrated revenue authority

The National Tax Service (NTS) aims to evolve from a traditional tax collector into an integrated public revenue authority capable of overseeing the nation’s overall fiscal revenues, Commissioner Lim Kwang-hyun said Thursday. As part of its key policy direction for its second year under the Lee Jae Myung administration, the NTS plans to overhaul the current collection system and establish an integrated framework for non-tax revenues, which are currently administered separately under more than 300 laws, to bring delinquent payments under its control. “Our goal is to transform ourselves from the National Tax Service into a Korea Revenue Service. The reform would allow the government to consolidate scattered state revenues and manage them more effectively to support broader fiscal innovation,” Lim said during a press conference marking the first anniversary of the Lee administration. Non-tax revenues cover a broad range of government charges, including traffic penalties issued by police agencies and environmental charges collected by the Ministry of Climate, Energy and Environment. Cu

Jun 11, 2026By Jun Ji-hye
Korea's tax agency seeks transformation from tax collector to integrated revenue authority

Korea, Belgium form alliance to boost startup exchanges

Facing an increasingly volatile global trade landscape, Korea is turning its diplomatic focus toward Western Europe to secure new economic lifelines for its tech-driven small businesses and startup sectors. The Ministry of Startups and SMEs said Thursday it signed a bilateral memorandum of understanding (MOU) with Belgium’s Ministry of the Middle Classes, the Self-Employed, and SMEs. The agreement, timed with the 125th anniversary of diplomatic relations between the two nations, marks the first formal state-level policy coordination focusing on small- and medium-sized enterprises (SMEs). The strategic pivot comes at a critical juncture for Seoul. With domestic markets saturated and ongoing Middle East conflicts disrupting traditional shipping routes and global supply chains, the Korean government is under pressure to mitigate risks for its export-dependent economy. Belgium, long regarded as the "heart of the European Union," offers an ideal strategic outpost. Despite its small domestic market, the nation boasts world-class research infrastructure, a highly regarded corporate environme

Jun 11, 2026By Jhoo Dong-chan
Korea, Belgium form alliance to boost startup exchanges

Financial authorities stress future-oriented investment on strong tax gains

Korea's financial authorities on Wednesday stressed the need to pursue future-oriented investment based on an expected increase in tax revenue brought on by the robust economy. Finance Minister Koo Yun-cheol discussed the agenda during a meeting with Bank of Korea Gov. Shin Hyun-song, Financial Services Commission Chairman Lee Eog-weon and Budget Minister Park Hong-keun amid efforts to bolster interagency cooperation. According to the Ministry of Finance and Economy, the participants noted the government's tax earning is expected to rise going forward on the back of sounid economic conditions, adding the gains should be utilized for investment to prepare for the future and enhance growth potential. They also said the financial sector needs to play a proactive role in addressing economic disparity and inflation. The participants added recent volatility in the financial market may place a heavier burden on vulnerable groups, agreeing on the need to maintain close cooperation to stabilize people's livelihoods and manage risks.

Jun 10, 2026By Yonhap
Financial authorities stress future-oriented investment on strong tax gains

Financial authorities to launch probe into possible unfair trading in FX market

Korea's financial authorities on Wednesday launched probes into possible unfair trading activities in the foreign exchange market, addressing the Korean won's recent sharp slide against the greenback. The Bank of Korea and the Financial Supervisory Service (FSS) will carry out the probe into banks handling foreign currencies in line with the government's market stabilization efforts, according to the Ministry of Finance and Economy. The Korean won remained above the 1,500-won level for the 16th consecutive session through Tuesday. "The investigation will examine whether there have been activities that disrupted stability in the foreign exchange market with the intent to gain unfair profits through manipulating or fixing exchange rates," the ministry said in a release. Financial authorities plan to take stern measures should they identify illegal activities by the banks, it added. On Sunday, Korea's top financial policymakers warned that the government "will not tolerate excessive volatility or one-sided market concentration."

Jun 10, 2026By Yonhap
Financial authorities to launch probe into possible unfair trading in FX market

Watchdog intensifies pressure on financial firms amid persistent won weakness

Korea's financial watchdog is launching a series of meetings with banks, brokerages and insurers as policymakers step up efforts to curb volatility in the foreign exchange market amid persistent weakness in the won. The move comes as expectations of higher U.S. interest rates and sustained foreign investor outflows continue to weigh on the Korean currency. The Financial Supervisory Service (FSS) began consultations with the banking sector on Tuesday and plans to hold similar meetings with securities firms and insurers in the near future. The won has come under mounting pressure as overseas investors lock in gains and rebalance portfolios away from Korean equities. As of Friday, the average won-dollar exchange rate for the second quarter had risen to 1,491 won, its highest level since the aftermath of the Asian financial crisis in 1998. The currency has also traded above the psychologically significant 1,500-per-dollar threshold for 16 sessions. In Seoul's onshore foreign exchange market, the won closed at 1,512.1 per dollar, strengthening by 22.9 won from the previous session. At Tuesday

Jun 9, 2026By Park Han-sol
Watchdog intensifies pressure on financial firms amid persistent won weakness

Top policymakers vow stern action against speculative FX market activities as won weakens

Top economic and financial policymakers on Sunday pledged to take stern action against market-disruptive activities and speculative trading amid a weakening Korean won. Finance Minister Koo Yun-cheol and other heads of financial authorities made the joint remarks during an emergency meeting on reviewing the volatile foreign exchange market, according to the Ministry of Finance and Economy. The meeting was attended by Bank of Korea Gov. Shin Hyun-song, Financial Services Commission (FSC) Chairman Lee Eog-weon and Financial Supervisory Service (FSS) Gov. Lee Chan-jin. The Korean won has fallen to its weakest level against the U.S. dollar since 2009 in recent days, due mainly to heavy net selling of foreign investors amid fading expectations of a diplomatic solution to the war in the Middle East. On Friday, the won was quoted at 1,539.1 won per dollar at 3:30 p.m., down 9.4 won from the previous session, marking the weakest level since March 9, 2009. The finance ministry said participants expressed concerns that heightened market volatility could weigh on the Korean economy, adding, "We will

Jun 7, 2026By Yonhap
Top policymakers vow stern action against speculative FX market activities as won weakens

Finance minister vows to take 'immediate measures' over excessive FX volatility

Korea's finance minister on Thursday vowed to take "immediate measures" when necessary to address excessive volatility in the foreign exchange market amid the recent sharp decline of the Korean won against the greenback. Finance Minister Koo Yun-cheol discussed such measures with Bank of Korea Gov. Shin Hyun-song in Seoul, alongside Financial Services Commission Chairman Lee Eog-weon and Financial Supervisory Service Gov. Lee Chan-jin, according to the Ministry of Finance and Economy. During the meeting, Koo said the government is closely monitoring volatility in the foreign exchange market and vowed to take "immediate measures" when necessary. "The government is currently monitoring the situation with vigilance so that external uncertainties do not lead to growing market anxiety," Koo was quoted as saying by the finance ministry. "(The government) will take immediate measures when necessary to address excessive market swings," he added. Participants said the recent volatility followed the Middle East war, along with continued net selling by foreign investors in the stock market. "The rece

Jun 4, 2026By Yonhap
Finance minister vows to take 'immediate measures' over excessive FX volatility

Korea Exchange to roll out weekly options on single heavyweight stocks

The Korea Exchange, Korea's main bourse operator, said Monday it will launch weekly options on four single heavyweight stocks later this month. The move is aimed at allowing investors to better cope with market volatility as the weekly options will expire every Thursday. Four heavyweight stocks — Samsung Electronics, SK hynix, Hyundai Motor and LG Energy Solution — have been chosen for the weekly options, the Korea Exchange said in a statement. The weekly options will be launched on June 29.

Jun 1, 2026By Yonhap
Korea Exchange to roll out weekly options on single heavyweight stocks

BOK chief says strong growth gives more room to focus on inflation

Bank of Korea (BOK) Gov. Shin Hyun-song said Monday the country's strong economic growth gives the central bank greater room to focus on curbing inflation in monetary policymaking, signaling a hawkish stance. "The growth is very strong here in Korea," Shin said during a dialogue session with Isabel Schnabel, a member of the Executive Board at the European Central Bank, during the BOK International Conference held in Seoul. "First-quarter growth is super strong, especially when measured in terms of gross domestic income rather than gross domestic product." He noted that Korea's real gross domestic product (GDP) grew 3.6 percent from a year earlier in the first quarter, while real gross domestic income (GDI), which reflects changes in terms of trade, expanded 12.3 percent. The BOK chief explained that when oil prices rise, GDI typically grows more slowly than GDP because deteriorating terms of trade weigh on the Korean economy, which highly depends on crude oil imports. However, in the first quarter, rising energy prices were offset by robust semiconductor exports, helping GDI expand at a f

Jun 1, 2026By Yonhap
BOK chief says strong growth gives more room to focus on inflation

ICT minister touts AI infrastructure, R&D expansion in 1st-year review

Deputy Prime Minister and Science and ICT Minister Bae Kyung-hoon highlighted expanded artificial intelligence (AI) infrastructure, record research funding and regulatory reforms as key achievements during his first year in office, while calling for more aggressive investment to make Korea one of the world's top three AI powers. During a press briefing in Seoul on Friday, Bae said the ministry had focused on rebuilding research ecosystems while accelerating AI development through infrastructure investment and institutional reforms. In the past year, the ministry has allocated 35.5 trillion won ($23.6 billion) in research and development spending, up more than 20 percent from a year earlier and the largest on record. "The ministry prioritized revitalizing the research ecosystem above all else,” he said, adding the ministry has also established institutional foundations through the AI Basic Act and pursued deregulation to encourage large-scale investment and innovation. "Built on robust infrastructure and institutional foundations, our proprietary AI models are being deployed across indu

May 31, 2026By Lee Gyu-lee
ICT minister touts AI infrastructure, R&D expansion in 1st-year review
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