Korea

Details

  • Service: Tax
  • Type: KPMG information, Press release
  • Date: 3/18/2013

Tax Brief 2013 February 

 
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I. Tax Trend
The Supreme Court, “Upon satisfaction of certain requirements,
gift tax will be imposed regardless of donative intent…”

 

II. Recent rulings and court cases
(1) Providing services to a statutory charity organization and
donating part of its return, determine whether the amount of
contribution can be included in deductible expenses
(2) Applicability of tax credit for credit card use when filing
an amended tax return
(3) Tax credit for facilities investment in quality improvement
for pharmaceutical products
(4) Net operating loss deducted from retained earnings when
calculating liquidation income

 

III. Tax Topic
(1) Increased alternative minimum tax (AMT) rate for large
corporate and high-income individuals (reflected in the
Article 132 of the Tax Incentive Limitation Law)
(2) Sunset extended for Production Improvement Facility
Tax Credit, etc. (reflected in the Article 24 and 25 of the Tax
Incentive Limitation Law)
(3) Lowered threshold on taxable profits from financial
investment (reflected in the Article 14 of the Individual
Income Tax Law)
(4) Increased taxes on deemed gift income from related
party transactions (reflected in the Article 45-3 of the
Inheritance and Gift Tax Law)