Supporting Overseas Koreans Returning Home... National Tax Service Launches Dedicated "On-site Tax Consulting" Team

The National Tax Service has established a dedicated team to provide tax consulting on capital gains tax, inheritance and gift tax, and other matters in order to support overseas Koreans returning to Korea. The agency plans to visit regions with large overseas Korean populations, such as the United States, to hold tax seminars in person.

The National Tax Service announced that it has newly formed the 'K-Tax Angel Team' to be in charge of tax seminars for overseas Koreans and held the inauguration ceremony for the instructors on the 19th. The K-Tax Angel Team is composed of National Tax Service employees with the highest level of expertise and extensive experience in property taxation and international taxation.

On the 19th, Im Kwanghyun, Commissioner of the National Tax Service (center front row), is attending the inauguration ceremony of the 'Tax Guardian Team' and taking a commemorative photo. National Tax Service

At the inauguration ceremony, Im Kwanghyun, Commissioner of the National Tax Service, stated, "I ask all instructors to approach their work with the sense of mission of being guardian angels protecting each and every Korean overseas, and to provide warm and attentive support so that local residents do not suffer difficulties or disadvantages due to tax issues." He added, "In particular, you must do your utmost to dispel, on site, the vague anxieties or misunderstandings among overseas Koreans-such as 'Will I get hit with a tax bomb if I return to Korea?'-and thereby lower the psychological barriers they feel regarding tax matters."

The K-Tax Angel Team plans to deliver practical tax information and provide customized consultations on areas of high interest to overseas Koreans through these overseas tax seminars.

First, for areas of high interest such as capital gains, inheritance, and gifts, the team will collect questions in advance from overseas missions and Korean community associations and provide specific and accurate answers. In countries where many Korean companies are operating, the team will also provide information on international transactions, such as transfer pricing management for goods and services between related parties (e.g., between multinational headquarters and overseas subsidiaries), tailored to the needs of local companies.

The K-Tax Angel Team also supports overseas Koreans returning to Korea. An official from the National Tax Service explained, "Many overseas Koreans who have run businesses abroad for a long time wish to bring their accumulated assets back to Korea for retirement, but there has been a lack of proper tax consultation channels. There have been many requests to consult directly with the National Tax Service in Korea." The official added, "To address these inconveniences, the National Tax Service plans to provide accurate tax knowledge and offer the necessary tax consulting for those returning to Korea."

Each year, the tax seminars will be held in approximately 10 countries (or regions), selected based on the number of overseas Koreans, Korean companies, and local demand, with the team visiting these locations in person. This year, the first seminars will be held in Thailand and the Philippines in February, with additional events planned for the United States and Japan, where there are large overseas Korean populations. Further countries will be selected based on a demand survey of overseas Koreans and Korean companies conducted through overseas missions.