Effective January 1, 2006, the revised regulations of the Local Tax Act allow taxpayers to directly appeal for an examination with the Minister of Government Administration and Home Affairs (or the governor of a province) at their discretion.
Ⅱ. Local Tax Audit Procedures to Be Simplified
Simplified local tax audit procedures will significantly reduce the documentation requirements for local taxpayers and take the form of desk audits unless otherwise specified for field or special audits.
Ⅲ. NTS Internal Guide for Examination Process Made Public for the First Time
Ⅳ. Korea-Laos and Korea-Oman Income Tax Treaties Come into Force in February 2006
Ⅴ. The Latest proposed measures to deregulate foreign exchange transactions focus on liberalizing overseas investment and acquisition of foreign property by Korean residents.
Ⅵ. Existing qualifications for the importer self-assessment program will be eased to allow an increasing number of small and midsize companies to enjoy benefits of this program.
Ⅶ. Ruling on Whether Investment Credit may Apply to Asset Leased to Other Company on Consignment
Ⅷ. Timing for Attribution of Earned Income from Restricted Shares
Ⅸ. Allocation of Purchase Price in Lump-sum Purchase of Assets
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