The Resource Country survey : Korea

Country survey : Korea

Country survey : Korea
Country survey : Korea
In November 2012, Baker & McKenzie hosted its annual Asia Pacific Tax Conference in Hong Kong. This article discusses the key developments in Korea. It looks at legislative developments: (a) new corporate income tax and personal income tax rates, (b) new procedure for claiming withholding tax reduction under treaties, (c) stringent requirements for the exemption for foreign currency denominated instruments, (d) taxation on derivative-embedded financial products, (e) harmonisation of transfer pricing and customs valuation. Further it looks at 2013 proposed amendments: (a) establishment of guidelines for calculating arm's length prices for inter-company payment guarantees, (b) application of transfer pricing rules to head office-branch transactions, (c) amendment and extension of special income tax rates for expat workers, (d) refinement of foreign financial account report rule, (e) expansion of the scope of securities transaction tax to derivatives and (f) clarification of foreign entities. At last it looks at tax authority trends: (a) general tax audit trends, (b) treaty developments, and (c) Foreign Account Tax Compliance Act (FATCA)
Citation source
In: Tax planning international review. - London. - Vol. 40 (2013),
Geographic coverage
Language note
Baker & McKenzie
  • tax reform
  • tax rate
  • withholding tax
  • tax treaty
  • financial instrument
  • transfer pricing
  • customs valuation
Country survey : Korea

Library Locations

    • IBFD Library AmsterdamBorrow it
      Rietlandpark 301, Amsterdam, 1019 DW, NL
      52.3736660 4.9336932