News

1. Supreme Court’s Decision The Korean Supreme Court recently held that the disability employment levy is not subject …

1. Overview Under the Act on External Audit of Stock Companies (the “External Audit Act”), Korean financial supervis…

1. Overview of the Regime With the introduction and implementation of the Pillar Two, as part of the OECD/G20 BEPS Proje…

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…