Taxes in Korea are comprised of national and local taxes. National taxes are divided into internal taxes and customs taxes. The National Tax Service (NTS) which is mainly in charge of the assessment and collection of internal taxes was established as an external organization of the Ministry of Finance on March 3, 1966. The major functions of National Tax Service may be elaborated as follows;
1. Supplying the revenue base
We collect the bulk of the revenue the government needs to fund its programs. With this important role, we need to constantly strive for excellence and be truly effective and efficient.
2. Promoting taxation fairness
We are also committed to provide fairness to taxpayers and to protect their rights under the tax law.