Korea: Update on rules for application of arm’s length standard to head office–branch transactions
Korea’s Ministry of Strategy and Finance has issued new regulations to clarify the method for calculating domestic-source income from intra-company transactions between a foreign head office and its Korean branch. This follows the passing of the
See MoreKorean government releases revised tax reforms enforcement ordinance
The Ministry of Strategy and Finance (MOSF) on 17 January 2013 announced that the revised tax reforms enforcement decree would be released in mid-February. This decree will provide for the enforcement of amendments made to a number of tax laws,
See MoreSouth Korea Plans to Raise Minimum Corporate Tax Rate
On 2 August 2012 it was reported that, following a policy meeting between the South Korean government and the ruling Saenuri Party, it is planned to increase the minimum corporate tax rate payable by the largest companies. At present, companies in
See MoreExpansion of Preferential Tariffs in South Korea
With effect from January 1, 2012 a further expansion of its tariff exemption programme for products from least-developed countries (LDCs) has been announced by the South Korea’s Ministry of Strategy and Finance. Mostly 250 items of agricultural,
See MoreLower Corporate Taxes Committed by the South Korean Government
The Finance Ministry of South Korea agreed to the government’s long-standing plan to reduce corporate taxes from next year. The government is expected to lower the rate of corporate tax on businesses from the current 22% to 20% for a taxable
See MoreFTA with Peru has been approved by the South Korean Parliament
South Korea’s National Assembly has ratified the bilateral free trade agreement (FTA) between South Korea and Peru after previously being passed by the foreign affairs and trade committee. It was signed on March 21 in Seoul. Except for a few
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