The National Tax Service (NTS) announced Thursday that Commissioner Lim Kwang-hyun successfully concluded a series of bilateral meetings with tax authorities in Hungary, Belgium, and the United Kingdom. These crucial engagements resulted in the signing of new agreements designed to significantly bolster international cooperation efforts, particularly in the recovery of overseas assets concealed by tax delinquents.
Throughout his diplomatic tour, Commissioner Lim urged his foreign counterparts to expedite information-sharing processes concerning suspected offshore tax evasion cases. He also initiated discussions on the potential for conducting joint cross-border investigations, an essential step in addressing complex international tax fraud.
On May 8, Commissioner Lim met with Ferenc Vagujhelyi, the head of Hungary’s National Tax and Customs Administration, in Budapest. Their productive meeting culminated in the signing of a new agreement on mutual assistance in tax collection, alongside the renewal of a comprehensive cooperation pact aimed at expanding working-level exchanges. Furthermore, both parties exchanged valuable insights and case studies on leveraging advanced AI technologies within tax administration.
Continuing his mission, Commissioner Lim met Filip Van de Velde, head of the Belgian Tax Administration, in Belgium on May 11. During their discussions, Belgium formally proposed that Korea join an influential OECD-affiliated council dedicated to international tax debt management, currently chaired by Belgium. This council serves as a vital platform for strengthening dialogue and collaboration on critical cross-border tax collection initiatives. Commissioner Lim confirmed Korea’s commitment to actively participate, starting from the upcoming meeting.
The tour concluded on May 13 with the third Korea-UK Tax Commissioner Meeting, where Commissioner Lim engaged with John-Paul Marks, First Permanent Secretary and Chief Executive of HM Revenue and Customs. The high-level talks focused on a productive exchange of views regarding effective whistleblower reward systems and best practices in tax collection. Both leaders affirmed their commitment to drafting and signing a dedicated working-level cooperation agreement specifically designed to combat cross-border tax delinquencies.
The NTS anticipates that these newly forged agreements will significantly expedite efforts to recover hidden overseas assets from tax delinquents. Moreover, they are poised to reinforce crucial international tax cooperation networks, providing enhanced support and a more level playing field for Korean companies operating globally.
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