Visag Tax, Pharos Consulting to assist taxpayers get again overpaid taxes

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Visang Tax and Pharos Consulting meet to sign memorandum of understanding to work together to help taxpayers get back their overpaid taxes through a one-stop service at a ceremony in Seoul on Thursday.(Visang Tax-Pharos Consulting)

Visang Tax and Pharos Consulting are meeting to sign a letter of intent to work together to help taxpayers get their overpaid taxes back through a one-stop service at a ceremony in Seoul on Thursday. (Visang Tax-Pharos Consulting)

Visag Tax and Pharos Consulting signed a letter of intent at a ceremony in Seoul on Thursday to work together to help taxpayers protect their rights by checking if they have overpaid taxes.

The agreement includes a measure called “Revaluation Right” and the two companies plan to offer a one-stop service where customers from conglomerates, small and medium-sized businesses, and small businesses review their tax payments for errors in their tax calculations or when they see their tax benefits have not used it.

The companies announced that they would provide a preliminary diagnosis for the re-evaluation application free of charge.

Visag Tax and Pharos said they would handle the revaluation process promptly if customers want to reclaim their overpaid taxes through the service.

According to Article 45, Paragraph 2 of the Basic Law for National Taxes, the application for a new assessment helps to reclaim taxes that have been overpaid from the National Tax Service because insufficient data are available in the last five years and there are no tax advantages.

Reclaiming such overpaid taxes usually requires a complex mix of accounting, legal and tax expertise, possibly with the involvement of accountants, lawyers and labor lawyers.

Pharos Consulting offers the service under the title “Corporate Rights and Interests”.

Kwak Hyun-bin, CEO of Visang Tax, said: “Visang Tax’s cooperation with the expertise of the revaluation suit and the rich experience of Pharos Consulting in the study of tax law will result in a great synergy.”

Park Hyeon-mi, CEO of Pharos Consulting, said, “The majority of SMEs cannot get their tax overpayments or erroneous payments back because they do not know how to claim their fair tax payments. By working with Visag Tax, we will help help small businesses. “

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