Photo : YONHAP News
Finance Minister Hong Nam-ki said the Pillar One digital service tax, often dubbed the Google tax, requires reasonable consideration of the different traits of the sectors included.
Taking part virtually in a G20 meeting of finance and central bank chiefs held in Indonesia, Hong called for swift and productive talks on follow-up measures to the new digital tax.
Under Pillar One of a global tax agreement struck last year, multinational enterprises will have to pay taxes to the countries where they provide services and generate profit. The measure is to ensure a fairer distribution of profits and taxing rights.
Among South Korean firms, Samsung Electronics is expected to meet the condition for this new tax.
The latest G20 meeting discussed uncertainties in the global economy, stronger policy coordination and support for vulnerable countries.
Finance Chief Urges Consideration of Industry Traits in Digital Taxation
Source: Matira Matibay
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