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Korea: Tax authority’s focus on compliance; tax decision review

Korea: Tax authority’s focus on compliance

The tax authority intends to provide the tax administrations of some 60 countries with the South Korean financial account information of their residents by the end of September 2018.

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This action aligns with investigations by the national tax service of almost 40 individuals who are suspected of offshore tax evasion activities.

Read a 2018 report [PDF 804 KB] prepared by the KPMG member firm in Korea

This report includes brief descriptions of tax tribunal or court cases, or administrative guidance concerning:

  • Whether expenses related to product presentation events for more than one participating organization are to be treated as entertainment expenses
  • Whether capital gain and loss on domestic derivatives can be offset against capital gain and loss on foreign derivatives
  • Whether a domestic financial institution company is subject to a “proxy payment” for value added tax (VAT) if the company receives offshore consulting services provided by a foreign company without a domestic place of business, for the purpose of sales and purchases of foreign debentures in the foreign market
  • Whether there is eligibility for indirect foreign tax credit when corporate tax was imposed at source (earnings for accounting purposes) of dividends at the subsidiary level in China, subsequent to the timing of the dividend payment
  • Whether a corporate taxpayer could claim a foreign tax credit for purposes of calculating local tax by applying a provision (Article 97) that is applicable for individual taxpayers
  • Whether the highest shareholding of an “oligopolistic” shareholder for the most recent five years is to include the portion held by entities that are newly treated as related parties under a tax law amendment

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