April 19, 2024

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South Korea’s tax agency has returned over 300 billion won ($260.89 million) of corporate tax to overseas funds over last five years, after losing lawsuits related to tax returns.

According to data compiled by the National Tax Service, NTS had a total of 14 administrative litigation cases regarding overseas funds and lost six cases between 2015 and 2019. 

NTS headquarters (NTS)

The tax authority reimbursed a total of 314 billion won of tax receipts over the period, according to the reports submitted to ruling party lawmaker Rep. Gi Dong-min.

This year, NTS also lost cases against Luxembourg’s SICAV and Germany’s Deka Investments, and is being forced to pay back 160 billion won worth of corporate taxes.

The tax agency also spent 622 million won on legal fees for successful lawsuits and 28 million won for other legal expenses during the same five-year period, the data showed.

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