Compliance Checklist for Small-sized Businesses Following Expansion of SAPA Regulations
SAPA Regulations to Apply against Small-sized Businesses Effective January 27, 2024, the Serious Accident Punishment Act (SAPA) entered into force against small-sized businesses (businesses with 5~49 regular employees) after a 2-year grace period.
MRFTA Amendments on Expansion of Merger Notification Exemptions and Introduction of Commitment Procedures for Merger Control
On January 25, 2024, the Korea Fair Trade Commission (KFTC) proposed amendments (Amendments) to the Monopoly Regulation and Fair Trade Act (MRFTA) were approved by the National Assembly of Korea.
Korea-Taiwan Double Taxation Avoidance Arrangement Comes into Force
The Implementation Act of the Arrangement between Korea and Taiwan for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income (the Korea-Taiwan Tax Arrangement) officially took effect on December 26, 2023, following endorsement by the National Assembly.
Enactment of the Carbon Dioxide Capture, Utilization and Storage Act (CCUS Act)
The “Carbon Dioxide Capture, Usage and Storage Act” (the “CCUS Act”) proposal has been passed at a plenary session of the National Assembly on January 9, 2024 and is scheduled to come into effect one year after its promulgation.
Strategic Considerations for Korean Investors: Leveraging the Special Tax Provision for Foreign Pass-Through Entities
It has been a year since the introduction of the special tax provision that enables taxpayers to treat foreign pass-through entities,
KFTC proposes ex-ante regulation of platforms under the “Platform Competition Promotion Act”
On December 19, 2023, the Korea Fair Trade Commission (“KFTC”) announced its proposal to enact the “Platform Competition Promotion Act” (“PCPA”) for ex-ante regulation of platforms by designating “dominant platform operators.”
Global Minimum Tax in Korea: Implementation Upcoming
Korea recently published new regulations containing detailed implementation guidance in regard to Global Minimum Tax (OECD Pillar Two). The new regulations are published in the Presidential Decrees to the International Tax Coordination Law and are effective January 1st, 2024. In this newsletter, Lee & Ko’s International Tax Team provides an update on the status of …
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KFTC Issues Advance Notice on Amendment of Merger Review Guidelines – Improvement of merger review process focusing on reflecting characteristics of the digital sector
To keep pace with the current trend of increasing business combinations involving digital service suppliers, including online platforms, the Korea Fair Trade Commission (KFTC) seeks to amend the Merger Review Guidelines (Review Guidelines) to account for the specific characteristics of the digital sector when conducting merger reviews.
Guidelines on Foreign Exchange Business of Foreign Financial Institutions
On October 18, 2023, the Guidelines on Foreign Exchange Business of Foreign Financial Institutions (the Guidelines) were established and implemented to open the domestic foreign exchange market to the outside world. We will touch on the background behind the establishment of the Guidelines and main contents thereof below.
Amended Enforcement Decree of the Personal Information Protection Act of Korea
The amended Personal Information Protection Act of Korea (PIPA), Korea’s main legal framework for personal data protection, came into effect on September 15, 2023.