Korea

Details

  • Type: Press release, Publication series
  • Date: 11/19/2009

Tax Brief 2009 November 

Tax News and Trends of the NTS and tax authorities

1. Business registration, revision and liquidation becomes possible nationwide - Tax Audit Criteria. (2009. 08. 11)
2. Introduction of local income and consumption taxes from 2010. (2009. 09. 17)

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Tax Calendar

Recent tax rulings and cases

 

  • A domestic company that operates its business for at least one year as of the merger registration date, may defer appraisal gains on assets. (Beobin-792, 2009.07.14)
  • In the case a company’s employee establishes an employee council and operates a company cafeteria and the company and employee both bear the related expenses, there will not be any VAT obligations. However, if the same cafeteria is provided to related companies’ employees, there will be VAT obligations.(VAT-1208, 2009.08.28)

Tax Topic

Key tax issues concerning the adoption of IFRS
1. Differences between IFRS and CITL in revenue recognition
2. Key tax reconciliation items and key issues

Proposal for the Tax Law Amendments
1. Corporate Income Tax Law
2. Tax Incentive Limitation Law
3. The individual income tax laws
4. The capital gain tax laws
5. The estate and gift tax laws
6. The value added tax laws
7. Basic Law of National Taxes
8. National Tax imposition method
9. International Tax Affairs Act