We summarize below the major amendments to Korean tax laws contained in the proposed draft announced by the Ministry of Strategy and Finance of Korea on August 6, 2014, which are relevant to international taxation.
- Tightening of Criteria to Qualify as a Resident
- Heightened Enforcement against Tax Evasion of Multinational Companies
- Extension of Application Period of Tax Benefits for Foreign Workers
- Reduction of Scope of Foreign Engineers Eligible for Exemption of Income Tax and Extension of Application Period
- Introduction of Advance Coordination System between Taxable Prices for National Taxes and Customs Duties