• Service: Tax
  • Type: KPMG information, Press release
  • Date: 11/2/2012

Tax Brief 2012 October 

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I. Tax Trend
The NTS crackdown on luxurious living tax delinquents in an attempt to reign in alleged tax dodgers


II. Major recent tax court cases and authoritative rulings
(1) Withholding Tax on Independent Personal Services (Gukje Sewon-402, 2012.08.30)
(2) When allocating total parcel price to land and building, whether the price of Land for Contributed Acceptance is included in the Fair Market Value of the Land (Bubgyu Buga 2012-264, 2012.09.03)
(3) Whether the sale of the trusted real estate is exempt from VAT where an Asset-Backed Securitization company sells the trusted real estate through a trust company to collect the principal of the insolvent obligations as well as the interest incurred (Bubgyu Buga 2012-239, 2012.09.14)


III. Tax Topic
1. The significance of the consolidated taxation system

2. Subjects of the consolidated taxation system
(1) Scope of consolidated parent company
(2) Scope of fully controlled subsidiary

3. Income and Tax Base of Each Consolidated fiscal year
(1) Income of each consolidated fiscal year
(2) Tax Base of Each Consolidated fiscal year

4. Other Issues
(1) Consolidated fiscal year
(2) Place of tax payment for a consolidated company
(3) Application and Approval of the consolidated tax system