KUALA LUMPUR - South Korea’s National Tax Service (NTS) has launched an outreach initiative aimed at clarifying the country’s tax policies for Korean emigrants and corporations abroad, while assisting those considering bringing their assets back home.

The tax agency said it has formed a special team, known as K-Tax Angel, comprising officials with top-level expertise in property, cross-border taxation and other relevant tax policies, as reported by The Korea Times.

The team will provide tax consulting services in 10 countries, beginning in February with Thailand and the Philippines, before expanding to the United States, Japan and other nations.

The initiative comes as the Lee Jae Myung administration pursues an expansionary fiscal policy and seeks to boost taxable income amid concerns over capital outflows.

Stricter measures on capital gains, inheritance and gift taxes, which are higher than in many other countries, have contributed to a tendency among Koreans to keep assets abroad.

“In that regard, I urge team members to approach their duties as guardian angels for every overseas Korean, acting attentively and responsibly to ensure that they do not experience hardships or disadvantages due to tax issues,” said NTS Commissioner Lim Kwang-hyun.

Lim also expressed hope that the outreach initiative would help stabilise volatility in the Korean won, which has been driven by large outflows of assets converted into US dollars and held overseas.

The NTS said K-Tax Angel will focus on delivering practical tax information and providing personalized consultations through briefings on topics of the greatest interest to targeted parties.

It noted that long-term emigrants often wish to bring their wealth back to Korea after retirement but lack proper tax consultation.

The agency also highlighted a common misconception that returning to Korea would automatically trigger investigations into the sources of overseas assets, a fear that has discouraged some from returning home.

In addition to the initial 10 countries, the NTS plans to expand its tax consulting services further, supported by surveys conducted through overseas diplomatic missions to assess the needs of individuals and businesses abroad.