From Next Month 1, Pay Taxes and Fines via KakaoBank

Bank of Korea Approves KakaoBank as Government Treasury Collection Point
Income Tax, Corporate Tax, VAT Payments Available

[Asia Economy Reporter Jang Sehee] Starting from the 1st of next month, various national taxes such as income tax and corporate tax, as well as traffic fines, can be paid through KakaoBank, an internet-only bank.

On the 28th, the Bank of Korea announced that it has approved KakaoBank, an internet-only bank that meets the legal requirements related to national treasury funds, as a national treasury fund collection point. It is expected to improve the convenience of national tax payments and the efficiency of treasury operations.

To be designated as a national treasury fund collection point, the bank must have information and communication systems and information security measures in place, and there must be no issues with the payment and collection of national treasury funds.

As part of the preliminary procedures, the Bank of Korea signed an additional contract with Jeonbuk Bank as a national treasury collection agent.

KakaoBank users can pay national treasury funds via account transfer through the Financial Settlement Service's Internet Giro site or ATMs.