The Rules On Currency Economics Essay

This means that the limitation on the figure of broadcast system can hold a provider. Its intent is to forestall monopoly or oligopoly Broadcasting. In drumhead:

Supplier ( individual or entity ) can hold merely one company on the tellurian broadcaster and orbiter broadcast medium.

Cable and plan supplier may non keep more than one broadcaster and the transmittal line. But they can non be restricted by the authorities sing the market portion and the figure of providers.

A provider may hold tellurian broadcaster, orbiter and overseas telegram broadcast medium except a combination of tellurian and overseas telegram broadcast medium.

On overseas telegram telecasting, a provider can utilize the system operator, the web operator and supplier of plan, but they can limited in footings of market portion and the figure of providers.

Rules on currency

Used in local currency may be converted:

– Upon presentation of a certification of currency purchases: up to the sum exchanged ;

– If it is non the holder of such a certification. Once up to the equivalent of USD 100, – .

Currency declaration certified by Customss must be submitted at the issue of Korea

Import Regulations currency:

Allowed.Resident: local currency ( KRW-Korean Won ) KRW to 8,000,000 ; foreign currencies: from 20 old ages: 10,000 – USD

Non-residents: local currency ( KRW-Korean Won ) KRW 8,000,000 to – ; Currencies. Unlimited, provided declared on reaching. Sums transcending the equivalent of $ 10,000 – ( Including travelers cheques ) must be accompanied by a “ Statement of foreign currency ” signifier. Failure to declare a value of more than 10 000, – USD. ( Or the tantamount in foreign currency ) can ensue in the ictus of hard currency and traveler ‘s cheques and punishments in conformity with local jurisprudence.

No statement is required to diplomats, diplomatic missions, the U.S. military and those to come on an official mission ( responsibility ) Exchange of money merely to an authorised Korean authorities.

Currency export ordinances:

Value Added Tax

Value Added Tax ( VAT ) is a revenue enhancement levied on added value in each measure of production and distribution. In rule, VAT is a general ingestion revenue enhancement levied on the ingestion of all goods and services, and at the same clip, a signifier of indirect revenue enhancement for which the transportation of revenue enhancement load can be anticipated. VAT takes the signifier as a multi-level revenue enhancement method by taxing added value created in each measure of the dealing.

Goods and services for basic life necessities, instruction, and medical services are capable to freedom.

Tax and Tax Ratess Tax Refund System Proxy Payment System -Value-added revenue enhancement will be collected where a bargainer supplies goods or services. The rate of value-added revenue enhancement is 10 % , and the bargainer shall be provided a revenue enhancement bill. The sum collectible is [ end product tax-input revenue enhancement to be deducted ]

-Goods for export ; services rendered outside Korea ; and other goods or services supplied for foreign exchanges net incomes are zero-rated and the related input revenue enhancements incurred are refundable. A non-resident without a domestic constitution and a receiver of a service from a foreign corporation should pay VAT on the payment for the nonexempt services.

Composite Real Estate Tax

With the authorities ‘s revised program of the existent estate ownership revenue enhancement ( 2003 ) by the authorities, the Composite Real Estate Act was prepared, and as a portion of the activities, the construct of composite existent estate revenue enhancement was introduced. Put into consequence in 2005, the policy aims to reenforce revenue enhancement on inordinate existent estate proprietors, suppress existent estate guess, reorganise irrational facets of the local revenue enhancement system. In respect to belongings revenue enhancement, the relevant local authorities in mention to the reference of a land/ edifice proprietors shall impose revenue enhancements on the land and edifices in their territory. Tax is done after adding together the entire figure of belongingss owned by an single family. However, composite existent revenue enhancement can alter every twelvemonth harmonizing to alterations in existent estate policy. Therefore, it is advised that the Composite Real Estate Act be referred to, and the accurate criterions of appraisal and revenue enhancement rate checked.

Local Taxs

Local revenue enhancements consist of provincial, metropolis and county revenue enhancements. Provincial revenue enhancements include acquisition revenue enhancement, enrollment revenue enhancement, race revenue enhancement, Equus caballus race revenue enhancement, licence revenue enhancement, community installation revenue enhancement and local instruction revenue enhancement. City or county revenue enhancements include inhabitant revenue enhancement, belongings revenue enhancement, milage revenue enhancement, car revenue enhancement, agricultural income revenue enhancement, abattoir revenue enhancement, urban be aftering revenue enhancement, and concern topographic point revenue enhancement. At the same clip, local instruction revenue enhancement is added to revenue enhancements such as enrollment revenue enhancement and belongings revenue enhancement.

Acquisition Tax

Persons geting the following are apt to being taxed within 30 yearss of acquisition:

* Real estate ( land, edifices ) ,

* Motor vehicles, heavy equipment ( heavy equipment for building harmonizing to the

Construction Machinery Management Act ) , golf nine, condominium, and wellness nine ranks, etc. By and large, the revenue enhancement base is two per centum of the acquisition monetary value. However, a high revenue enhancement is levied for the acquisition of luxury belongingss, etc.

Registration Tax

Registration revenue enhancement refers to revenue enhancement levied on points related to the acquisition, transportation, alteration or cancellation of belongings rights and other rights are officially registered or recorded. The criterions of enrollment revenue enhancement appraisal are the monetary value, recognition sum, or investing sum at the clip of registering/recording the rights, etc.

Property Tax

Property revenue enhancement is a metropolis, county, or ward revenue enhancement levied on the proprietors of land, edifices, boats, and/or aeroplanes for private usage. The object for revenue enhancement for land is divided into the sum summing up of revenue enhancement objects, particular summing up revenue enhancement objects, and separate revenue enhancement objects. _ Aggregate summing up revenue enhancement objects: Land other than objects of particular summing up revenue enhancement objects, and separate revenue enhancement objects _ Particular summing up revenue enhancement objects: Land attached to edifices that have been calculated by utilizing a certain ratio of ownership by the taxpayer on the basic day of the month for revenue enhancement, and land with cause to be objects of particular summing up revenue enhancement _ Separate revenue enhancement objects: Farms, Fieldss, fruit groves, ranch lands, forest lands, private golf classs and other lawfully appointed lands The criterion of appraisal of belongings revenue enhancement is the statutory standard monetary value of just market value.

Resident Tax

Residential revenue enhancement is mostly divided into per capita rate and per income rate. Per capita rate levies an equal sum of revenue enhancement on persons, offices, and corporations with concern locations located within metropolis bounds. Per income rate levies revenue enhancement by using income revenue enhancement, corporation revenue enhancement, and agricultural income revenue enhancement as the criterion of appraisal. The object of occupants ‘ revenue enhancement and the revenue enhancement sum is as follows. The metropolis city manager or county magistrate may increase or diminish the revenue enhancement rate via ordinance by up to 50 % of the standard revenue enhancement rate.

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Business Place Tax

The concern topographic point revenue enhancement is levied on those with topographic points of concern in metropoliss or counties to provide costs required for environmental betterment and care. Business topographic point revenue enhancement is divided between the per belongings rate and the per employee rate, and is exempted for concern topographic points smaller than 330km2, and with less than 50 employees. When the Business topographic point taxpayer has non paid the declared sum by the due day of the month for payment, or has paid insufficiently, 20 % of the unpaid revenue enhancement, or deficient revenue enhancement shall be added on to be collected Customs Duties

Duty Appraisal

All goods being imported from foreign states can non be brought into Korea unless their imposts responsibilities are prepaid. Customss responsibilities are calculated by multiplying revenue enhancement base of the duty revenue enhancement base by the duty rate. The duty revenue enhancement base is either the value of the imported goods or the measure. The duty rate is provided on the duty rate tabular array by group of points. As the revenue enhancement rate applies to each HS Number matching to an point or a group of I ems, the duty is affected by the determination on which value should be regarded as the nonexempt value or how the nonexempt value is decided. If the value is the revenue enhancement base of the duty, it is an “ ad valorem responsibility ” and if the measure is revenue enhancement based, it is called a “ specific commercial responsibility. ” The value, which is the revenue enhancement base of the ad valorem responsibility, is called the “ nonexempt value. ” Korean imposts ratings on nonexempt values reflect the relevant commissariats of the WTO Valuation Agreement and have the same principals of the international duty rating.

Cases non recognized as gross revenues

– Goods imported free of charge

– Goods imported for cargo sale where sale monetary values are determined by auctions etc.

– Goods imported to be sold in the local market under the exporter ‘s duty

– Goods imported by lawfully dependent entities such as subdivision offices etc.

– Goods imported under a rental understanding

– Imported goods for gratuitous rental – Goods imported to be disposed within Korea at the consigner ‘s disbursal ( such as industrial waste etc. )

– Imported goods with limitation for their usage and traffics

Other Taxes

Inheritance and Gift Taxes

Persons and non-profit companies that get belongings through heritage or bequest are apt for Inheritance Tax. A gift revenue enhancement is collectible by resident donees and nonresident donees who receive belongings located in Korea. Both revenue enhancements are imposed at changing rates based on the revenue enhancement value of the belongings.

Education Tax

Education revenue enhancement is a revenue enhancement levied upon the income of individuals engaged in the banking and insurance concerns and assorted revenue enhancements such as supertax.

Stamp Tax

The stamp revenue enhancement is levied on a individual who prepares a papers attesting constitution, transportation, or alteration of rights to belongings.

Securities Transaction Tax

The Securities Transaction Tax ( STT ) is levied when the securities are transferred. The basic revenue enhancement rate of STT is 0.5 per centum and snap revenue enhancement rates of STT are 0.15 per centum to 0.3 per centum. In instance of listed stocks, the taxpayers are securities colony corporations and securities companies. In instance of unlisted stocks, the taxpayer is the transferor. However, in the instance that a non-resident foreign corporation, whose concern topographic point is non within the state transportations securities, the buyer of the securities must keep back revenue enhancements from the purchase monetary value on a securities dealing certification, and the location of the chief office of the corporation that issued the securities becomes location responsible for revenue enhancement payment.

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