Global IT companies in Korea like Google, Amazon, Apple, and etc will start getting taxed in Korea.  Many of these companies have been getting billions of dollars in sales in Korea but were not paying taxes in Korea.  This has drawn a lot of criticism from Korean companies looking to complete with these giants.  Kakao and Naver have been lobbying for years to have these global companies pay corporate income tax on the revenue they get in Korea.  The reason why the Korean government was not able to tax these global IT companies was because it was not required for these companies to disclose their sales and revenue.

These global companies HQ is in other countries which is why they didn’t have to pay corporate taxes.  In addition, this allowed Korea to bring in a lot of global companies into Korea and help with connecting Korea’s tech ecosystem with the world.  However, the downside is that most of these companies were not giving back to Korea in the form of taxes.  Google is looking to replace Naver, WhatsApp is looking to replace Kakao, and Amazon is looking to replace Coupang.

Good news for Korean Companies?

While Korean companies have to deal with regulations and corporate taxes, they also have to compete with global IT companies in Korea.

Taxing these global companies will be the first step in the Korean government looking to level the playing field.  However, this could lead to global companies avoiding the Korean market overall.  Therefore, there is a balance here that needs to be taken into account.  Does the Korean government want Korea to be a global friendly economy at the risk of hurting Korean companies?  Or are they looking to help Korean companies by setting regulations to global companies?

Taxing polices for these global IT companies will be set by the Ministry of Economy and Finance.  A decision should be coming by the end of August.  There is a chance the Ministry will also lighten the regulations on Korean companies.  Creating a fair tax system will be one of the main issues this month for this Ministry.

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We at Dream Agility are proud to announce our partnership with the Korean e-commerce platform WishTrend.com.  Our strategic partnership will strengthen WishTrend’s presence in the US and Canadian markets.  This will be achieved by employing Dream Agility’s multi-award-winning machine learning AdTech platform and inventory dashboards to optimize Google performance.

WishTrend is a cross-border e-commerce platform.  It is operated by Wishcompany headquartered in Seoul.  They have flagship brands such as Klairs, By Wishtrend and I’m From that are loved by many customers around the world. Therefore, the company enjoys a thriving social media presence.  For example, they have a YouTube channel with over 600k subscribers.  In addition, they have huge followings on Wishtrend Glam and Wishtrend TV. They consistently deliver high-quality beauty content to their customers and sell the native K-beauty products to a global audience.

What is Dream Agility

Dream Agility is an ad technology company based out of Ramsbottom, UK led by CEO, Elizabeth Clark.  She is thrilled about commencing the project with WishTrend.  Furthermore, she feels the project with WishTred is amazing and marks a great start for their business in Asia.  I agree with Elizabeth in feeling that this partnership will be crucial for both of our businesses to expand globally.  Dream Agility will make a massive difference in Korea by helping local companies on their native search engines such as Naver.

“We can apply our unrivaled Google expertise as one of the top performing and fastest growing Google Premier Partners and Google Shopping Partners globally” Elizabeth Clark CEO at Dream Agility.

It was great to have met Eddie Aram Baek, Chief Digital Officer of WishTrend.  He felt extremely excited about the partnership with Dream Agility.

The project will start once WishTrend launches their new website which is aimed to drive high-performance traffic in American and Canadian markets.  Therefore, this will lead to WishTrend to profitably grow their international presence.

“We plan to expand to more countries in the near future and feel that with the help of Dream Agility technology and their brand-new Inventory & Pricing Dashboards, our project will yield great results,” Eddie Aram Baek Chief Digital Officer at WishTrend.

I am very excited to partner up with more Korean startups and companies in the future and help take Korean products and services globally.

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