EUCCKEuropean Union Chamber of Commerce in Korea (South Korea)
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The former EU Chamber of Commerce in Korea (EUCCK) shut down in 2012 following a sweeping tax audit, which imposed massive penalties of over 2.2 million euro.
DPM Han delivered a keynote speech on the economic policy framework for the second half of 2005 and had an interactive session with the EUCCK members.
The sudden disappearance of the influential EUCCK had left EU firms without a proper lobbying organisation one year after the entry into force of the landmark EU-South Korea free trade agreement (FTA).
The launch of this brand new organisation is the direct consequence of the closing down of the EUCCK, on 26 September, years after its creation.
The Commission has expressed concerns following the imposition of massive tax penalties totalling 3.2 million by the Korean tax authorities, leading to a drastic downsizing of the EUCCK's operations.
The investigation, launched on 17 February by the Namdaemun Tax Office in downtown Seoul, has finally concluded, on 11 June, that the EUCCK should pay penalties worth KRW4.5 billion (KRW2.6 billion in unpaid taxes and KRW1.9 billion in administrative penalties), according to an internal letter sent to the members of the organisation and seen by Europolitics.
Jean-Luc Valerio, the chairman of the EUCCK, told tax officers that the levies would threaten the survival of the organisation, which has 830 members, including most of the largest EU companies operating in Korea.
We are going to see tremendous benefits in the long run," said Jean Luc Valerio, the President of the EU chamber of Commerce in Korea (EUCCK) and head of EADS Korea.
"Yet, Korean standards are not harmonised with international rules." The same applies to pharmaceuticals, with the EUCCK stressing the need for more "transparent" rules.
However, I do have some concerns with regard to this on the European side," Kim said during a speech to the EU Chamber of Commerce in Korea (EUCCK), on 26 October, in Seoul.
One of the closest advisors of President Lee Myung-bak reaffirmed the Asian country's determination to see the FTA ratified as early as mid-2010, on 18 February in Seoul, during a speech delivered in front of the EU Chamber of Commerce in Korea (EUCCK).
"Given the comprehensiveness and level of ambition of this agreement, it might be difficult to avoid opposing voices from both sides, especially from sectors vulnerable to the fierce competition which both economies will face as a result of the agreement, the minister told the EU Chamber of Commerce in Korea (EUCCK), in Seoul.