Samil Commentary 2007.11.23
- Korea-Lithuania Income Tax Treaty
- Measures for Liberalizing Foreign Exchange Transactions
- Supreme Court's Ruling on Stock Options
- Ruling on Penalty in a Comprehensive Business Transfer under VAT Law
Samil Commentary 2007.10.31
- Amended Enforcement Rules of the Foreign investment Promotion Act
- Simplified Procedures for the Establishment and Operations of REITs
- Unified code system for four social security payments
- Revised notice on Tax reconciliation statement filing
Samil Commentary 2007.10.09
MOFE’s Proposed Rules for Partnership Taxation
The Ministry of Finance and Economy (MOFE) has submitted a draft bill to revise Special Tax Treatment Control Law (STTCL) to the National Assembly in early October. And the new bill includes new provisions on the long awaited partnership taxation. If approved by the National Assembly by the end of December, the proposed partnership rule will become effective from fiscal years beginning on or after January 1, 2009.
Samil Commentary 2007.08.31
MOFE’s Tax Reform Proposal for 2008
The Ministry of Finance and Economy (MOFE) announced its tax reform proposal for 2008.
Among the items Included in the proposal are clarification of the substance over form rule intended to prevent tax avoidance, expansion of tax incentives for research and development (R&D) expenditure, increased tax relief for incorporation or relocation in specific areas and amendment of the thin capitalization rule for the financial services industry.
Samil Commentary 2007.07.30
- NTS Appeal Committee Pool Introduced to Expedite Proceedings in July 2007
- Latest Developments in Local Tax Act
- NTS Audit Directive for 2007
- Korea-Lighania Income Tax Treaty
- Korea-Thailand Income Tax Treaty
- Tax Exemption Denied for Income from Diversified Business after Factory Relocation
Samil Commentary 2007.06.28
- Amended VAT Law on Direct Online Marketers
- Move toward a Simplified Approach to APA with China, Vietnam and India
- Public Forum on New Partnership Taxation
- Korea and Kuwait Agree to Amend and Income Tax Treaty
- MOFE Ruling on Tax Exemption for Head Office or Factory Relocation
- Accelerated Depreciation after a Spin-off
Samil Commentary 2007.04.30
- Opportunity to Apply for Early Payment of Tax Assessment Amount
- Advance Customs Valuation Agreement Proposed
- Domestic Fund Distributions in respect of Foreign Stock Investment
- Indirect Foreign Tax Credit for Dividends Received from a Chinese Subsidiary
- Denial of Unfair Trade Rule for Share Transfers
- Ruling in Keeping with the Substance over Form Fule
Samil Commentary 2007.03.16
- Pre-deliberations Perusal as New Tax Appeals Procedure
- Grace Period for Companies Whose SMC Status Changes Is Retained for Taxation Purposes
- Tax Incentives in case of 100% Share Transfer of an Original Foreign Investor
Samil Commentary 2007.02.16
2007 Korean Tax Law Changes
This is a brief summary of amendments to Korean tax laws, including the Corporate Income Tax Law (CITL), the Individual Income Tax Law(IITL), the Special Tax Treatment Control Law(STTCL) and the Value Added Tax Law(VATL) that were approved by Korea's Nationa Assembly at the end of December 2006. Most of these changes are generally effective from January 1, 2007 unless otherwise specified.
The summary also includes proposed amendments to the Presidential Enforcement Decree of these laws which are to be finalized. The changes should not generally be acted upon without first obtaining appropriate professional advice.
Samil Commentary 2007.01.26
- Korea Designates Five Foreign Jurisdictions as Tax Havens
- Revisions to the Korea-Canada Tax Treaty
- Korea-Albania Tax Treaty Comes into Force
- MOFE's Plans for Taxation Policies in 2007
- Support for Small and Midsize Companies to Promote Job Creation
- Treatment of Tax Paid by a Domestic Company under US Partnership Taxation
- Treatment of the Payment of Common Expenses Made in Cash
