Korea Rep OF: Legislation of Tax Reform Bill 2018
On 19 December 2017, Korea passed the 2018 Tax Reform Act (the 2018 tax reform) after it was passed by the Korean National Assembly on 5 December 2017. The tax reform 2018 contains provisions in line with the BEPS Action 2 and Action 4 of the OECD.
See MoreKorea, Republic Of: Redesigning of graphical warnings on cigarette packs
As stated by the Health Minister of the country, South Korea will bring in changes on graphical warnings on cigarette packs commencing from December, South Korea has already been mentioning about graphical warnings to Tobacco companies since 2016.
See MoreKorea: Free Trade Agreement (FTA) lending a helping hand to strengthen Australian Exports
After the KAFTA (Korean-Australian Free Trade Agreement) coming into action since 12th December, 2014 enabling the Korean FTA chipping in to boost the Australian exports, it has been a sheer class of masterstroke which has immensely uplifted the
See MoreKorea passed the budget for 2018
The Government passed the 2018 budget on 6 December 2017. Under the budget, the threshold of the new highest corporate income tax rate of 25% has been increased from KRW 200 billion to KRW 300 billion. A 10% local income tax surcharge is also
See MoreKorea: National Assembly set to increase e-cigarette taxes
On 20 October 2017, the Assembly Strategy and Finance Subcommittee of Korea passed a revised bill to increase the excise tax levied on a pack of 20 heat-not-burn (HNB) e-cigarettes sticks to 529 won from the current 126 won. The tax increase will
See MoreDTA between Iraq and South Korea signed
On 23 August 2017, the Council of Ministers of Iraq has authorized to sign a revised Double Taxation Agreement (DTA) with South
See MoreKorea: 2017 tax reform proposals announced
The government of South Korea is planning to increase the tax rate for large companies and high-earning individuals with the hope of reducing inequality. With this aim, Korea’s Ministry of Strategy and Finance announced the 2017 tax reform
See MoreKorea: Recent developments on corporate taxation
With the aim of encouraging the development of new growth-engine industries, reinforcing employment-friendly tax schemes, and facilitating corporate restructuring, a few amendments that affect foreign investment or foreign invested companies have
See MoreKorea: Country-by-Country reporting requirements and transfer pricing rules updated
The Tax Authority of Korea introduced new forms for country-by-country (CbC) reporting and for the advance notification for recognizing the company of a multinational group as the “reporting entity.” A Master file as well as a Local file will
See MoreDTA between Kenya and Korea (Rep.) enters into force
The Double Taxation Agreement (DTA) between Kenya and Korea (Rep.) was entered into force for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on 3 April 2017. This treaty will apply from 1
See MoreKorea (Rep.), Singapore Competent authority agreement on automatic exchange of information enters into force
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Korea (Rep.) and Singapore entered into force on 27 February 2017. The agreement is expected to make sure Korea (Rep.) and Singapore will be able to begin from
See MoreChile and Korea (Rep.): Social Security Agreement enters into force
The Social Security Agreement of 2015 between Chile and Korea (Rep.) has to be entered into force on 1st February 2017 and it will be applicable from the same day of its entry into
See MoreKorea (Rep.) -Competent authority agreement on automatic exchange of information with Hong Kong signed
Korea (Rep.) has signed the Competent Authority Agreement on Automatic Exchange of Information with Hong Kong on 23 January 2017. The agreement stipulated details about the types of information that will be exchanged and the timing of the exchange
See MoreCzech Republic: DTA with Korea Republic authorizes
The government of the Czech Republic on 16 January 2017, authorized the negotiation of a new Income Tax Treaty with the Republic of Korea. When signed, in force and effective, the new treaty will replace the existing Income Tax Treaty (signed in
See MoreKorea- proposed changes to the country-by-country reporting requirements
The Ministry of Strategy and Finance of South Korea published a proposal for detailed procedures of the country -by country reporting requirements on 28 December 2016. The proposal requires the provision of a full report on cross-border transactions
See MoreKorea-Tax reform bill of 2017 enacted
Korea enacted the tax reform bill of 2017 on 20 December 2016 which was approved by the National Assembly on 2 December 2016. According to the Tax Reform of 2017 domestic merged brother-sister companies would be considered as tax free if and only
See MoreKorea-Exchange of information agreement with Andorra enters into force
The Exchange of Information Agreement (2014) between Andorra and Korea (Rep.) entered into force on 21 December 2016 and this will generally be applicable from 21 December 2016 for criminal tax matters and from 1 January 2017 for all other tax
See MoreKorea-Tax Bills for 2017 passed by the National Assembly
The Korean National Assembly passed the Tax Bills for 2017 on 2 December 2016 which was announced by the Ministry of Strategy and Finance (MOSF) on 28 July of 2016. According to the adopted Bill the amount of loss carried forward that a foreign
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