I. Proposed Changes to Improve the Tax Assessment and Collection System
The Korean government has finalized a series of proposals to improve the tax assessment and collection system including the extension of a period for advance notice of a regular tax audit to 10 days before a tax audit is implemented.
II. Amendments to Rules for Pre-assessment Relief
The rules for pre-assessment relief have been amended to expand the coverage of the pre-assessment relief to include simple cases where the tax assessment amounts to five million Korean won or more.
III. Measures to Accelerate Korea’s Foreign Exchange Deregulation
The foreign exchange deregulating measures announced in May raise investment ceilings on overseas real estate for Korean nationals, eliminate the existing restrictions on foreign-exchange loans by insurance companies and permit foreigners to pay deposits in foreign currency for futures contracts in the domestic market.
IV. Rulings
VAT for the Purchase of Goods using Mileage
Treatment of Signing Bonus
Ruling on the Supply of Goods outside Korea under VAT Law
Characterization of Income from the Exercise of Korean Stock Options by a Non-resident BOD Member
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