Korea Embracing Digital Tax Payments

January 19, 2017 Uncategorized

Mobile tax payment KoreaSEOUL – The tax authority of Korea are opening new digital avenues for taxpayers to make payments, in order to free up resources to catch tax evaders.

On January 18th, the National Tax Service (NTS) of Korea issued a statement confirming that it is expanding the methods which may be used by taxpayers to make their tax payments.

From now on, the Value-Added Tax declared to the tax authority will be payable via the mobile application released by the NTS last year.

Further, the NTS will work with the Kakao Corp, the operator of the country’s largest mobile messaging and payment platform, to implement new functionality to allow taxpayers to make tax payments directly from the KaKao app.

In addition to the mobile payment options, tax payment will also be able to be made via ATMs around the country.

The NTS hopes that by making tax payments more convenient, taxpayers will be more likely to comply with their obligations, thereby reducing the need for audits and on-site investigations, allowing the tax authority to concentrate on stamping out serious tax evasion.