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| National Tax Service (NTS) Commissioner Kim Chang-ki, left, shakes hands with Hungarian tax chief Vagujhelyi Ferenc during a bilateral meeting in the NTS Seoul office, Tuesday. Courtesy of NTS |
By Yoon Ja-young
The National Tax Service (NTS) shared its know-how concerning its electronic tax filing service with the Hungarian tax agency, to provide support for the digital transition of the Central European country's taxation system.
According to the tax agency, NTS Commissioner Kim Chang-ki had a meeting with Hungarian tax chief Vagujhelyi Ferenc at the tax agency's office in Seoul, Tuesday, where he presented Korea's digital taxation policies that aim to enable easy and convenient tax filings as well as digital innovations, using the latest technologies such as big data.
Korea's electronic tax filing service is based on innovative systems like cash receipts as well as tax collection based on big data, which has been gaining the attention of tax agencies in other countries. Additionally, the NTS has been willingly sharing its know-how with countries that regard its practices as a benchmark. For example, high-ranking officials of the Tanzanian tax agency visited the NTS last week to receive training on electronic taxation and to sign a memorandum of understanding.
"We believe the big data system of Korea's IT firms and the analysis know-how of the NTS will help Hungary's digital transition with regard to taxation," the NTS commissioner said.
Hungary is the first Central European country to have established diplomatic relations with Korea. In particular, direct investment by Korean firms has soared recently, making Korea the top investor in Hungary last year with a 117.3 percent surge from the previous year.
Against this backdrop, the NTS also asked its Hungarian counterpart to help tackle double taxation problems faced by Korean firms operating in Hungary.
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