Mr. Sang Ryule Han, the Commissioner of the National Tax Service ("NTS"), announced a plan for the NTS to newly introduce the "Horizontal Monitoring System" in 2009 during an award ceremony held by the EU Chamber of Commerce in Korea on December 10.

It has been a year since the introduction of the special tax provision that enables taxpayers to treat foreign pass-through entities, which may not be considered as such in Korea, as pass-through entities for Korean tax purposes.

On April 14 2016, the MOSF also issued an administrative notice (the "Notice") setting forth the guidance on how and by whom the CRITI may be prepared and filed.

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 ...

MOSF has submitted the draft tax law amendment to the National Assembly.

For investors in enterprises in the Korean semiconductor industry and other national strategic industries, a new tax bill has been passed that (i) increases the base tax credits received by these enterprises...

In Korea, news articles related to the grant or exercise of stock options by various companies are frequently observed.

In May 2016, a Korean taxpayer won its victory over the Korean tax authority when the Seoul High Court overruled the tax authority's assessment against the taxpayer...

The Ministry of Strategy and Finance finalized scope of Combined Report of International Transactions and confirmed taxpayers subject to the CRIT requirement through its official announcement...

Tax laws including the Law for Coordination of International Tax Affairs, the Corporate Income Tax Law, the Individual Income Tax Law and the Special Tax Treatment Control Law have been amended in order to enforce BEPS related international taxation guidelines.

Korea recently published new regulations containing detailed implementation guidance in regard to Global Minimum Tax (OECD Pillar Two).

On June 7, 2017, Korea signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting at a signing ceremony hosted by the OECD in Paris.

On July 22, 2020, the Ministry of Economy and Finance publicly released the 2020 draft Tax Revision Bill (the ‘Draft Bill').

Korean companies that have expanded its business to India is now able to resolve the difficulties faced due to double taxation by the local tax authorities.

The draft presidential decree regulations, released on January 23, 2024following 2023 Tax Law Amendment announced, has been revised, finalized and published by the Ministry of Economy ...

The amendment will expand the scope of MAP applicants so that even non-residents or foreign companies not having a place of business in Korea can request a MAP.

Tax Disputes Comparative Guide for the jurisdiction of South Korea, check out our comparative guides section to compare across multiple countries