style=\'font-size:12.0ptfont-family:"Times New Roman","serif"color:#0070C0\'>Highlight
of NTS Performance for 2008
The
NTS made great strides in the past year, particularly in its efforts to engage
the foreign business community in tax administrative policy-making.
Foreign
company feedback was fully reflected in the administration of taxes, some
almost immediately. Taking comments received at meetings with EUCCK and other
foreign chambers of commerce, the NTS extended the notice given prior to an
audit from the previous 10 days to 15 for foreign companies. It also decided on
a wider scope of financial documents as allowable for companies to receive
deductions for consulting fee.
A
Committee for the Review of International Tax Laws was launched to improve
domestic tax rules in accordance with global taxation standards. Composed mainly
of external tax experts, the job of the committee is to identify and remove unreasonableness
from the Korean tax code.
The
advance ruling system was adopted to help taxpayers achieve certainty in tax
matters. Various tax information booklets, such as the Foreign Taxpayers’ Guide
to Korean Taxes, Green Book on Audit Procedure were published in English to
help resolve frequently asked questions.
Six
sigma quality is applied to make tax assessments more accurate, and the Voice
of Customer (VOC) system is in place to listen to taxpayer complaints and
transform them into a foundation for directing administrative policies. The NTS
was also active in settling tax issues to give MNE tax certainty as early on as
possible by expediting MAP and APA processes. It continued to strengthen
cooperation with foreign tax administrations in a global effort to address
aggressive tax planning and the abuse of tax havens.style=\'mso-spacerun:yes\'>
