Korea

Details

  • Service: Tax
  • Type: Press release, Publication series
  • Date: 3/19/2010

Tax Brief 2010 March 

Tax News and Trends of the NTS and tax authorities

1. Penalties on under-filed local tax are comparably higher than the national tax (February 12, 2010)
2. NTS rotates 9,785 personnel Grade six or lower (February 11, 2010)
3. Korea - Yemen plan to formulate a double tax treaty (February 8, 2010)
4. Exchange information with tax haven countries to prevent offshore tax evasion
(February 2, 2010)

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Tax Calendar

Recent court cases and tax rulings

 

  • Tax invoice for a leasing company
  • Zero rate VAT for provision of know-how to foreign clients
  • VAT on a partial business transfer
  • Clarification on payments made to retired employees by companies
  • that do not have internal policies on severance pay.

     

    Tax Topic

    Key tax issues concerning the adoption of IFRS
    1. Main tax issues on IFRS adoption
      The differences between IFRS and the tax laws in relation to employment salaries.
    Proposal for the Tax Law Amendments
    2. Revised tax law
      (1) Revision in the enforcement decree of the corporate tax law (February 18, 2010)
      (2) Revision of the enforcement decree of the Framework Act on National Taxes (February 18, 2010 )