The National Tax Service said on the 20th that it has launched the K-Tax Angel team, which will visit overseas Koreans in person to provide tax counseling support. The team will hold its first overseas on-site tax briefings in Thailand and the Philippines next month.
According to the National Tax Service, the K-Tax Angel team is made up of 15 National Tax Service employees. The team will select 10 countries each year with large Korean communities and hold on-site tax briefings.
At the briefings, the team will provide practical tax information and tailored counseling on areas of high interest to overseas Koreans, such as capital gains, inheritance, and gifts. In countries where Korean corporations have entered, the team will also provide information related to international transactions, including transfer pricing management.
National Tax Service Commissioner Lim Gwang-hyeon said, "Please clearly dispel, on the ground, the vague anxiety and misunderstandings among expatriates, such as 'Even if we want to return to Korea, won't we face a tax bomb?,'" adding, "In the long term, this will encourage the repatriation of overseas assets to Korea and contribute to economic revitalization and exchange rate stabilization."