Korea

Details

  • Type: KPMG information, Regulatory update
  • Date: 3/31/2015

Tax Brief 2015 March 

KPMG Update on Current Issues and Trends in Korean Tax
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1. 18 proposed amendments of tax enforcement regulations will be enforced
2. Tax Information ExchangeAgreement (“TIEA”) between South Korea and Bermudawent into effect
3. Penalty on VAT deduction due to fictitious tax invoice found unlawful by the Supreme Court
4. National Tax Service (“NTS”) relates incorrect tax returns to tax audits
5. NTS strengthens its legal capability