The Korea Times reported earlier this week that South Korea and the Chinese mainland have agreed to increase cooperation between the two countries with regard to the settlement of tax-related disputes.
The Korean Vice Minister of Finance and Economy, Yoon Jin-shik reportedly outlined consumption, property and other tax systems as areas in which there should be greater bilateral cooperation, and stressed the need for mutual assistance in efforts to increase tax revenues and improve the transparency of tax collection processes.
The Chinese Finance Minister, Lou Jiwei highlighted tax incentives for foreign investors, return of VAT, and a revamping of the Korean property tax collection system as the mainland's prime concerns.
The meetings between tax officials from South Korea and China have taken place annually since 1996, and provide a forum for the exchange of experience on tax policies. However, the emphasis over the past few years has increasingly been on stimulating trade and investment between the two countries, and it is hoped that greater cooperation in the areas discussed earlier in the week will achieve this.
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