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Oh Korea. Too many taxes?

 
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Weigookin74



Joined: 26 Oct 2009

PostPosted: Mon Feb 03, 2014 4:56 am    Post subject: Oh Korea. Too many taxes? Reply with quote

Oh Korea. Too many taxes?

http://www.bloomberg.com/news/2014-02-02/south-korea-s-crackdown-on-underground-economy-stokes-angst.html

I had heard this country's tax collectors and auditors can be quite aggressive.
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Stan Rogers



Joined: 20 Aug 2010

PostPosted: Mon Feb 03, 2014 8:41 am    Post subject: Reply with quote

The government has budget issues right now and needs money. They have already raised taxes on the honest tax payers. There are too many business people messing around and not paying their fair share.

The crackdown on tax evaders was long overdue.
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World Traveler



Joined: 29 May 2009

PostPosted: Mon Feb 03, 2014 4:09 pm    Post subject: Reply with quote

South Korea is providing more social programs (like free lunches and free daycare). From a libertarian point of view, that sucks. I hope the underground economy and culture of white envelopes doesn't go away/diminish. If it does, that means less money for me.
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Mr. Pink



Joined: 21 Oct 2003
Location: China

PostPosted: Mon Feb 03, 2014 5:56 pm    Post subject: Reply with quote

While I will admit that small businesses do a lot of skimming to keep some of their profits away from the taxman (or in some cases all profits) the reality is that money gets put into the economy and keeps things going a lot more than the big companies only employing 5% of the workforce do.

Surprised they don't add another tax to soju...that would most likely get them some extra money without having to alienate the middle class, small businesses.
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SeoulNate



Joined: 04 Jun 2010
Location: Hyehwa

PostPosted: Mon Feb 03, 2014 8:23 pm    Post subject: Reply with quote

Stan Rogers wrote:
The government has budget issues right now and needs money. They have already raised taxes on the honest tax payers. There are too many business people messing around and not paying their fair share.

The crackdown on tax evaders was long overdue.


Problem is, they are screwing over small business owners really hard, especially the honest ones. Every person that I know who owns a small business and has been paying taxes is struggling to keep afloat with the burden the government has put on them in recent years. Hell, the reason so much tax evasion happens in the first place is because of the unfair burden the government places on those businesses, the taxes are outrageous.

If they are going to continue to let the Chaebol monopolize the country in every conceivable way, they need to force them to pay the burden of the tax to compensate.
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Stan Rogers



Joined: 20 Aug 2010

PostPosted: Mon Feb 03, 2014 8:24 pm    Post subject: Reply with quote

Mr. Pink wrote:
While I will admit that small businesses do a lot of skimming to keep some of their profits away from the taxman (or in some cases all profits) the reality is that money gets put into the economy and keeps things going a lot more than the big companies only employing 5% of the workforce do.

Surprised they don't add another tax to soju...that would most likely get them some extra money without having to alienate the middle class, small businesses.


I can see a tax hike on cigarettes coming. They've banned smoking in so many places now and it wouldn't surprise me if this is the next step.
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World Traveler



Joined: 29 May 2009

PostPosted: Mon Feb 03, 2014 8:32 pm    Post subject: Reply with quote

Stan Rogers wrote:
Mr. Pink wrote:
Surprised they don't add another tax to soju...that would most likely get them some extra money without having to alienate the middle class, small businesses.

I can see a tax hike on cigarettes coming. They've banned smoking in so many places now and it wouldn't surprise me if this is the next step.

That's a tax I can get behind. Cigarettes hurt others through second hand and third hand smoke.
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Norn Iron



Joined: 06 Feb 2013

PostPosted: Mon Feb 03, 2014 9:11 pm    Post subject: Reply with quote

It's amazing that cigarettes and soju are still lightly taxed in Korea......every western government has taxed the bejaysus out of tobacco and alcohol with smug righteousness.

My wife is a Gangnam accountant and she assures me that virtually all the very rich in Korea evade most of their tax all the time. As usual, the middle-class shoulder most of the tax burden.
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caniff



Joined: 03 Feb 2004
Location: All over the map

PostPosted: Mon Feb 03, 2014 9:32 pm    Post subject: Reply with quote

While the taxes themselves may not be exorbitant in comparison to some places, the soul-sucking factor of waiting and being sent around to various desks/buildings to get a stamp or a copy of something previously provided is a killer.

SK has a major governmental apparatus, and they use it.

(I was at the tax office yesterday afternoon and I was so bored waiting I fed the fish in the tank - the fish seemed to like it and the drones never batted an eye.)

edit: I fed them with the fish-food that was next to the tank, smart-asses!
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Stan Rogers



Joined: 20 Aug 2010

PostPosted: Tue Feb 04, 2014 6:16 am    Post subject: Reply with quote

World Traveler wrote:
South Korea is providing more social programs (like free lunches and free daycare). From a libertarian point of view, that sucks. I hope the underground economy and culture of white envelopes doesn't go away/diminish. If it does, that means less money for me.


Libertarianism aka Casino Capitalism.
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atwood



Joined: 26 Dec 2009

PostPosted: Tue Feb 04, 2014 4:19 pm    Post subject: Reply with quote

As posted above, soju is the obvious place to raise taxes. The government wants to curb drinking and soju is the world's, not just Korea's, most imbibed alcohol.

When I worked at Samsung, all of the employees complained about taxes. They felt office workers were the ones paying all the taxes, while doctors, etc. skirted the law.
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Joe Boxer



Joined: 25 Dec 2007

PostPosted: Thu Feb 06, 2014 12:42 am    Post subject: Reply with quote

atwood wrote:
...soju is the world's, not just Korea's, most imbibed alcohol.

I've heard that a couple times in the past couple weeks. I can't imagine it's true. Do you have a source?
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Captain Corea



Joined: 28 Feb 2005
Location: Seoul

PostPosted: Thu Feb 06, 2014 1:03 am    Post subject: Reply with quote

Joe Boxer wrote:
atwood wrote:
...soju is the world's, not just Korea's, most imbibed alcohol.

I've heard that a couple times in the past couple weeks. I can't imagine it's true. Do you have a source?


There was a thread this week about it - a report on drinking.

http://forums.eslcafe.com/korea/viewtopic.php?t=231718
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Chaparrastique



Joined: 01 Jan 2014

PostPosted: Thu Feb 06, 2014 5:48 am    Post subject: Reply with quote

Stan Rogers wrote:
The government has budget issues right now and needs money.


They've spent the past 6 years squandering and wasting their money on useless projects and programs.
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liveinkorea316



Joined: 20 Aug 2010
Location: South Korea

PostPosted: Thu Feb 06, 2014 5:32 pm    Post subject: Reply with quote

The problem with most taxes is that they can be avoided. The higher government makes them the more people avoid it.

There is only one kind of tax that cannot be avoided.
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