Tax Developments South Korea

The Inland Revenue Ordinance ("IRO") generally prohibits any deduction in respect of any expenditure of a capital nature for the purpose of computing assessable profits. As a result, the costs of acquiring land upon which a commercial or industrial building is erected is non-deductible.

The European Commission issued, on 30 April, an official Guidance Note to clarify the customs and tax treatment of pleasure craft — boats, vessels and private aircraft – under EU customs and VAT rules across all 27 Member States.

The courts have recently handed down two separate tax decisions, both highlighting the need for vigilance from the taxpayer when managing its tax affairs.

Transfers of HK stock are exempt from HK stamp duty where the transferor & transferee are associated bodies corporate.

Hong Kong operates a territorial tax regime, such that only profits arising in or derived from Hong Kong sources are subject to Profits Tax.

We are pleased to present to you the Summer issue of our firm's Asia Tax Bulletin.

The Inland Revenue Department (IRD) of the Hong Kong SAR (Hong Kong) has recently published updated and new FAQs on its website regarding the determination of an individual's residence under the tie-breaker rules...

To bring Hong Kong's Foreign-Sourced Income Exemption (FSIE) regime in line with the European Union's updated guidance on FSIE regimes promulgated in December 2022, the Inland Revenue (Amendment)...

Transfer pricing is the term used to describe all aspects of intercompany pricing arrangements between related business entities, such as a Hong Kong business and an overseas branch.

Hong Kong Inland Revenue Department (IRD) enquiry letters are typically sent to owners of Hong Kong offshore limited companies following the submission of a Profits Tax Return to notify them that the IRD has chosen to formally investigate their tax affairs