Korea

Details

  • Service: Tax
  • Type: Press release, Publication series
  • Date: 5/19/2010

Tax Brief 2010 May 

Tax News and Developments of the Tax authorities

1. Ministry of Public Administration and Security (“MOPAS”), Investigation on the local tax
2. Korea-Ghana establishes tax treaty to avoid double taxation
3. Adoption of a new bank tax. The start date and tax method are still under discussion
4. IFRS adoption expected to increase the corporate income tax burden

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Tax Calendar

Recent Major court rulings and authoritative interpretations

 

  • Evaluation for non-listed stocks using the supplementary evaluation methodology in accordance with the Inheritance and Gift Tax Law (Jaesan-165, 2010.03.15)

 

  • Rule to deny unjust transactions in the case of a write-off or disposal of a third-party receivable paid in by a related party (Bubin-189, 2010.03.08)

 

  • 3. Can taxpayers registered in the rental business apply for VAT exemption for transactions in an unregistered moneylending business? (Buga-486, 2010.04.16)

 

  • How to apply for a tax credit for a consolidated tax reporting corporations’

 

  • foreign tax paid on foreign source income (Kukjaesaewon-189, 2010.04.15)

 

  • Whether to apply for a VAT zerorating and whether VAT is imposed on

 

  • rental income earned from foreign immovable properties. (Buga-433, 2010.04.07)

 


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. Major tax issues arising due to the adoption of IFRS
 (1) The differences between IFRS and the Corporate Income Tax Law on interest expense
 (2) Major tax-adjustments