• Service: Tax
  • Type: Press release, Publication series
  • Date: 9/19/2009

Tax Brief 2009 September 

Tax News and Trends of the NTS and tax authorities

1. Business registration, revision, and liquidation becomes possible nationwide. (2009. 08. 11)
2. The Seoul High Court upholds Loan Star (2009. 08.03)
3. Tax Tribunal appoints additional non-permanent members of adjudicators (2009.07.30)

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Tax Calendar
Recent tax rulings and cases


  • In a recent case, the tax authority ruled the transaction price would not be considered as the Fair Market Value because 1) the transaction price is remarkably lower than the evaluation price calculated by the Inheritance and Gift Tax Law and 2) there was no transaction other than the concerned transaction within 3 months periods. (Kahmsim2009-113, 2009.05.19)
  • For stock valuation purposes, a company that undergoes a business division and that qualifies for the requirements of a business division under Article 14 paragraph 1 of the Corporate Income Tax Law may use the time before the division to determine the period in existence. (Jaesan-1065, 2009.06.15)
  • The advisory fees paid by entities for financing overseas real estate ventures is ruled to be a non-business related VAT expense (ByubGyu -915, 2009.07.06)
  • For tax credit purposes, any logistics expenditure shared among manufacturing and wholesale businesses shall be separately accounted for under Article 76, (1), (6) and (7) of Corporate Income Tax Enforcement Rule. (ByubIn-750, 2009.06.30)
  • The statutory period of the service provided is the date of the final verdict in the case where the service has been completed, but the contract amount has not yet been decided and partial payment has been made (BooGa-1023, 2009.07.20)


Tax Topic

Major Tax Issues on the Adoption of IFRS
1. IFRS Adoption Plan
2. The relationship between IFRS and the Tax Laws

Intercompany transactions between domestic related parties (Domestic Transfer Pricing issue)