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A summary by Yulchon, Taxand South Korea
The Korean Ministry of Economy and Finance has announced the 2023 tax law amendment proposal, which includes deferring the Undertaxed Payment Rule (UTPR) implementation to 1 January 2025.
In a recent legal update, Dong Soo Kim, Kyu Dong Kim, Yong Hwan Choi, Hyeon Jeong, and Ellie Jin of our member firm in South Korea, Yulchon, summarise the proposed key changes relevant to international tax and their potential impact on multinational enterprises (MNEs) operating in Korea. These include:
– Refining global minimum tax rules.
– Current global minimum tax rules in the LCITA.
– Expanding the scope of eligible technologies for tax credits.
– Attracting skilled/qualified foreign workers.
– Strengthening rules against tax avoidance.
– Formation of a consultative committee for tax treaty implementation.
Read the full legal update here.
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