- Supreme Court ruled taxpayers cannot claim refunds for wrongly withheld tax unless rights are acquired from withholding agents
- Supreme Court recharacterized a real estate agency as a land sales business leading to underreported corporate income tax and penalties
- VAT monthly reporting expanded to foreign online platforms and payment gateways
- Guidance on 95 percent foreign source dividend exclusion rule for CFC rules
- Clarification on certificate of residency requirements
- Withholding tax obligations for buyers acquiring Korean company shares from foreign partnerships
- Income classification for Japanese entities in profit-sharing schemes with Korean companies
- Obligation to submit country-by-country reports clarified
- Tax Tribunal clarified that benefits from acquiring shares below arm’s length value are not taxed as Korean source other income
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
