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THE INVESTOR
October 25, 2021

Market Now

S. Korea’s tax chief seeks cooperation with Denmark, Hungary

  • PUBLISHED :September 16, 2021 - 10:04
  • UPDATED :September 16, 2021 - 10:04
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South Korea’s National Tax Service Commissioner Kim Dae-ji (right) and Denmark’s Customs and Tax Administration Director General Merete Agergaard pose for a photo during their meetings in Copenhagen, Denmark, which were held Sept. 8-9. (NTS)

South Korea’s tax chief met his counterparts in Denmark and Hungary to strengthen cooperation with the European agencies and discuss the future of electronic tax administration systems in the post-pandemic era, officials said Sept. 15.

National Tax Service Commissioner Kim Dae-ji held a bilateral meeting with Merete Agergaard, chief of the Danish tax agency in Copenhagen, and a separate meeting in Budapest with his Hungarian counterpart, Vagujhelyi Ferenc, during his trip earlier this month. 

South Korea’s National Tax Service Commissioner Kim Dae-ji (right) and Denmark’s Customs and Tax Administration Director General Merete Agergaard pose for a photo during their meetings in Copenhagen, Denmark, which were held Sept. 8-9. (NTS)

The purpose of the meetings in both cities was to prevent double taxation and offshore tax evasion by joining forces, they said.

South Korea’s National Tax Service Commissioner Kim Dae-ji (right) and Hungary’s Tax and Customs Administration Commissioner Vagujhelyi Ferenc sign a memorandum of understanding on cooperation on an electronic tax administration system, Sept.13. (NTS)

In Budapest, the tax chiefs signed a memorandum of understanding on strengthening sustainable cooperation on an electronic tax administration system, as well as sharing knowledge and experience of artificial intelligence and big data for administrative tasks.

Hungary is the first Eastern European country to form a trading partnership with Korea. As of end-2019, Hungary had 43 new Korean business branches investing $740 million there, according to the NTS.

By Jie Ye-eun (yeeun@heraldcorp.com)

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