Korean Tax Newsletter 2010

• Tax News Flash 2010. 12
  
  National Assembly Approves Tax Reform Proposals with a Few Changes from the MOSF Reform Package
  
  
• Samil Commentary 2010. 11
  
  - Tax Incentives under FIZ Extended to Value Added Service Industries
  - NTS Selection Criteria for Tax Audit in 2010
  - NTS Advance Ruling Program to Cover All Tax Categories in 2011
  - Benefits and Requirements for Applying Horizontal Compliance
  - Rulings
  
  
• Samil Commentary 2010. 9
  
  This issue includes the latest rulings issued by the National Tax Tribunal in relation to the deductibility of stock award cost reimbursement and thin capitalization Rule applicable to loan from third party on comfort letter issued by a foreign parent.
  
  
• Tax News Flash 2010. 8
  
  MOSF Announces Tax Reform Proposals for 2010
  
  
• Samil Commentary 2010. 8
  
  - Troublesome Transactions of Pharmaceutical Companies under Spotlight of Latest Investigation
  - Korea and Yemen Agree to Sign Income Tax Treaty
  - Rulings on fees in return for payment guarantee service, modification of finance covenants, zero-rate VAT, etc.
  
  
• Tax News Flash 2010. 7
  
  Direction of Tax Law Changes upon K-IFRS Implementation
  
  
• Samil Commentary 2010. 6
  
  - Taxation of Smartphone Application Transactions
  - NTT Support the Consistency in Good Faith and Sincerity Applied against Taxpayers
  - Rulings
  
  
• Tax News Flash 2010. 4
  
  Deductibility on Stock Based Compensation Costs
  
  
• Samil Commentary 2010. 4
  
  - Criteria for Tax Credits to Spur Job Growth in Small and Mid-size Enterprises
  - Summary of Latest Local Tax Changes
  - Local Tax Act Overhauled to Be Enforced in January 2011
  - NTS Internal Manual for Corporation Tax Administration
  - Latest Changes to Tax Audit System
  - Korea Signs Income Tax Agreements with Bahrain and Gabon
  - Rulings
  
  
• Samil Commentary 2010. 2
  
  - Proposed Tax Credits for Job Growth in Small and Midsize Enterprises
  - Tax Information Exchange Agreements between Korea and Bermuda, Guernsey and Marshall Islands
  - Capital Registration Tax on Additional Capital Investment by FIE
  - Income Tax Treaties between Korea and Iran, and Latvia
  - Simplified Financial Reporting Standard for Non-Listed Entities
  - NTS Work Plan for 2010
  - Rulings
  
  
• Samil Commentary 2010. 1 - Update on Consolidated Tax Return Regime
  
  This issue highlights the overview of the consolidated tax return (CTR) regime to be rolled out from the fiscal year 2010 and the latest change to related regulations at the end of December 2009. This publication is issued by Tax LoS CTR TFT.