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1. Overview Foreign individuals or corporations may enter the Korean market primarily by (i) directly investing equity t…

A domestic corporation or a foreign corporation with a domestic place of business must submit a transaction statement fo…

Special Taxation Rules for Foreign Expatriates 1. Overview The Special Tax Treatment Control Law (“STTCL”) prescribe…

National Pension Scheme in Korea 1. Introduction The National Pension system is a social insurance program operated purs…

Zero-rated VAT in Korea 1. Introduction The zero-rated VAT system applies a zero percent VAT rate to exported goods and …

National Health Insurance Scheme in Korea 1. Introduction Korea operates a compulsory National Health Insurance Scheme (…

Tax loss carryforward 1. Overview The Korean tax law allows tax losses incurred within certain periods to be set off aga…

Value Added Tax (“VAT”) in Korea 1. Overview Just as Corporate Income Tax and Personal Income Tax, VAT is an…

Liquidation procedures for foreign-invested companies in Korea 1. Overview In order to liquidate a foreign-invested comp…

Taxation on Branches of Foreign Corporations in Korea 1. Overview The branch tax is a tax that is additionally applied o…