Korean Tax Newsletter 2009

• Samil Commentary 2009. 10
  
  - NTS Introduces Horizontal Compliance Program
  - Local Consumption Tax to Replace 5% of VAT
  - Budget Plan for 2010 to Reduce Corporation Tax
  - Number of Tax Audits in 2008 at Record Low for Five Past Years
  - Rulings
  
  
• Samil Commentary 2009. 09
  
  This month issue of Samil Commentary includes additionally selected tax reform proposals for 2010, in subsequent to proposed reforms highlighted by the Tax News Flash, including tax incentives to support research & development and green energy investment; and proposals to stimulate corporate restructuring and to reduce tax benefits for large corporations.
  
  
• Samil Commentary 2009. 08
  
  - Rules Amended to Expand Foreign Direct Investment Incentives
  - Korea to Reform Bonded Factory Regime
  - Plan to Enhance the Predictability of Tax Audits
  - Electronic Local Tax Payment Launched in August
  - Local Tax Payment System to Be Overhauled
  
  
• Samil Commentary 2009. 07
  
  - Tax Incentives to Facilitate R&D and Green Energy Investment
  - Online Filing of Business Closure or Suspension
  - Rulings
     - Formation of a Company for Registration Tax Purpose
     - Limit of Deductible Severance Pay for Officers
     - Taxable Income of Internet Shopping Mall Operator
     - Allocation of Common Input Tax
  
  
• Samil Commentary 2009. 06
  
  - Tax Incentives to Promote Job Sharing:
  - Tax incentives for corporate restructuring
  - Tax Credit on Investment in Certain Industries
  - Qualified Foreign Intermediary for Withholding Tax Exemption for Foreign Investment in Government Bonds
  - Government Programs to Support Shifts
  - Rulings
  Payment in Korean Won made by a Non-resident’s Free Korean Won Account
  Classification of Income Arising from Sale of Shares through Investment in Offshore Fund
  
  
• Samil Commentary 2009. 05
  
  - Latest update on tax law changes including new requirements for deductible stock option expense
  - Amendments to qualifications for small and midsized company that including two additional criteria for graduation from SME
  - Korea Joins Joint International Tax Shelter Information Center as part of the effort to deter abusive cross-border tax evasion schemes
  - Rulings on the evaluation of PE for a foreign technical advisor’s assignment to Korea, etc.
  
  
• Samil Commentary 2009. 03
  
  This issues includes a summary of proposed tax changes to facilitate the economic recovery
  which the Ministry of Strategy and Finance announced this March. The proposed changes will
  become effective following the approval by the National Assembly in its temporary session to be held in April 2009.
  
  
• Samil Commentary - Korean Tax Law Changes for 2009(2)
  
  In the wake of the amendments to the tax laws announced at the end of December 2008,
  this issues highlights some of the important changes to the following tax enforcement decrees:
  - Corporate Income Tax Rules
  - Transfer Pricing and Thin Capitalization Rules
  - Tax Incentive Rules
  - Education Tax Rules
  - Others
  
  
• Samil Commentary - Korean Tax Law Changes for 2009
  
  Samil PwC's periodic guide to developments in Korean tax laws, rulings and fiscal policies.
  This issues highlights selected significant amendments to the Corporate Income Tax Law and
  other Korean tax laws which have passed the National Assembly in December 2008.