Latest Tax Update
Real estate valuation
Regarding the valuation of real estate under tax law, tax authorities tend to actively receive real estate valuation reports.
This applies to real estate transactions between related parties or stocks where real estate is the main asset, and it is expected that this trend will be applied to stock transactions in the case of foreign investment companies.
Therefore, it is desirable to evaluate and trade stocks in a way that reflects these latest trends.
When a company has no sales records
In this case, there was a case where the tax authorities simply regarded the account deposit amount as sales, and the company filed a tax appeal against this.
The Tax Appeals Tribunal dismissed the tax appeal because it was judged that the company was unable to provide a reasonable explanation.
Therefore, the simply deposited amount was recognized as sales.
Foreign currency conversion gains of foreign-invested non-profit corporations
According to a new interpretation by the Korean tax authorities, whether foreign exchange gains earned in Korea by non-profit and non-resident companies are taxable depends on whether the business underlying the foreign exchange gains is subject to taxation in Korea.
GTI's support partner in Korea
JUDONG OH
Judong is a partner supporting the Korean section of "Global Tax Inside". He was in charge of tax affairs for foreign corporations as a senior manager at one of the Big 4 accounting firms, and is now working as an international tax partner at Daseung Tax Firm.