Why TaxCare

In Korea professional tax accounting and tax representation services are officially demarcated from other professional accounting services. Korea’s tax accountant certification and professional requirements and obligations are mandated by the Certified Tax Accountant Act of 1961. The Tax Accountant certification is separate from the CPA certification.

Although some international companies in Korea use their global Big Four affiliates for tax reporting and representation, all Korean companies and those foreign-invested subsidiaries and foreign company offices with long experience in Korea separate the auditing and financial reporting functions from the tax accounting functions and rely upon tax accountants for professional tax advice, tax accounting services and tax representation services to the NTS.

 

 

TaxCare provides these tax accounting and representation services promptly and with full consultation, communication and transparency to our international clients. Typically, using a tax accounting firm such as TaxCare results in significant savings in professional fees over Big Four affiliates and CPA firms for tax accounting, reporting and representation for your Korea business operations.

Foreign business entities and entrepreneurs in Korea often are the subject of close scrutiny by NTS offices and receive many demands for information. Likewise, other government offices sometimes send information demands. Some of these information demands require responses, while others do not, but all can be confusing and time-consuming to the recipients.

 

 

As a component of our basic client service relationship and at no additional fee or charge, TaxCare communicates with the responsible persons at the NTS or the respective government office to understand the precise nature and purpose of the information requests and then helps the client respond appropriately. This service saves management time for the client and also promotes transparency and a good relationship with the NTS and respective government offices. Big Four and CPA firms or law firms charge for these services, whereas TaxCare does not, which is often another significant source of savings in professional fees for the client.