Press Release

MINISTRY OF STRATEGY AND FINANCE

www.mosf.go.kr

Embargo: Release Date: April 7

Contact Information: Kim, Nam-sung (02-2150-4352/ Tax Treaties Division)

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The Ministry of Strategy and Finance and the African Tax Administration Forum (AFTA*) jointly held Korea-AFTA Domestic Resources Mobilization Conference between April 4 and 7 in Cape Town, South Africa.

* The AFTA is an African research council for tax study. The council was launched in November 2009, and has 31 countries as members.

The conference was aimed at helping African countries develop tax systems and tax administration to provide necessary finance for development.

Korea’s deputy minister for Tax and Customs, Joo, Yung-sup and ATAF’s chair, Oupa Magashula, South African’s tax chief, attended the conference with delegates from the member countries and those from international organizations, Africa’s academic world, and businesses.

At the conference, the Korean delegates shared the country’s knowledge on tax policies in time of development, VAT, tax administration, and online tax administration system, while international organizations and African tax authorities had 14 session discussions about ways to improve tax systems.

The conference is meaningful in that it was the first of tax cooperation between Korea and the African countries, and it was the beginning of cooperation in tax, such as through consultation and aids.

The Ministry of Strategy and Finance and the ATAF will look to the second round of tax cooperation next year.

Press Release