Visang Tax, Pharos Consulting to help taxpayers get back overpaid taxes

Visang Tax and Pharos Consulting signed a memorandum of understanding to work together to help taxpayers protect their rights by checking whether they have overpaid taxes, at a ceremony held in Seoul on Thursday.

The agreement involves a measure called “claim for reassessment” and the two firms plan to run a one-stop service in which clients from conglomerates, small and medium-sized enterprises and small businesses reassess their tax payment to check whether there are any errors in their tax calculations or if they have failed to use their tax benefits.

The companies said they will provide a preliminary diagnosis for the claim for reassessment free of charge.

Visang Tax and Pharos said they would handle the reassessment process promptly if clients want to claim back their overpaid taxes through the service.

Based on the Basic Law for National Taxes Article 45(2), the claim for reassessment helps people get back overpaid taxes from the National Tax Service due to insufficient data and missing tax benefits in the past five years.

Claiming back such overpaid taxes usually requires a complex mix of expertise from accounting, laws and tax policies, possibly involving accountants, lawyers and labor attorneys.

Pharos Consulting is offering the service under the title of “Corporate Rights and Interests.”

Kwak Hyun-bin, CEO of Visang Tax, said, “The collaboration of Visang Tax with the expertise of the claim for reassessment and Pharos Consulting’s abundant experience of studying tax law will lead to a great synergy.”

Park Hyeon-mi, CEO of Pharos Consulting, said, “The majority of SMEs cannot get back their tax overpayments or erroneous payments since they do not know how to seek their fair tax payments. By cooperating with Visang Tax, we will contribute to helping out small businesses.”

By Kang Sue-min (sue4161@heraldcorp.com)