Korean Tax Law Adopts New Simplified Transfer Pricing Rules relating to Low Value-adding Intra-group Services
With the recent pre-announcement of a draft amendment to the Enforcement Decree of the International Tax Coordination Law (“EDITCL”), Korean tax law is expected to adopt simplified transfer pricing requirements relating to “low value-adding intra-group services”, as laid out in Action 10 of the OECD BEPS Report.
Major Amendment to the Personal Information Protection Act Passed by National Assembly
On January 9, 2020, amendments to Korea’s 3 major data privacy laws (“Three Data Laws”), i.e., Personal Information Protection Act (“PIPA”), Act on the Promotion of Information and Communications Network Utilization and Information Protection (“Network Act”), and Credit Information Use and Protection Act (“Credit Information Act”), were passed at a plenary session of the National …
Greater Reforms for Promoting Work-Life Balance – Changes to the Gender Equal Employment….
Greater Reforms for Promoting Work-Life Balance – Changes to the Gender Equal Employment and Work-Life Balance Support Act Starting 1 October 2019, employees would benefit from significant changes to the Gender Equal Employment and Work-Life Balance Support Act (“GEEA”), particularly concerning paternity leave and workhours reduction for childcare and family care. These changes are also …
Korea strengthens protection of national core technology and industrial technology (Amendment of the Prevention of Divulgence and Protection of Industrial Technology Act)
On August 20, 2019, an amendment of the Prevention of Divulgence and Protection of Industrial Technology Act (hereinafter “PITA”) was passed and shall come into effect on February 21, 2020. The new amendment is likely to affect technology companies as the scope of national core technology and industrial technology under PITA is broadly defined by …
Lee & Ko successfully represents Big Hit Entertainment against unauthorized use of BTS’ photos
Lee & Ko, on behalf of Big Hit Entertainment (“Big Hit”), obtained the first-ever decision in Korea to recognize the entertainment companies’ right to independently request for injunction against those who free-ride on the customer attractiveness that is based off of popularity and fame of the artists managed by the companies. This landmark decision is …
First- Ever Decision by the Supreme Court of Korea …
First- Ever Decision by the Supreme Court of Korea to Find Copyright Infringement in the Selection, Arrangement or Combination of Game Elements
Key International Tax Law Amendments in the Draft 2019 Tax Revision Bill
On July 25, 2019, the Ministry of Economy and Finance publicly released the 2019 draft Tax Revision Bill (the “Draft Bill”). The Draft Bill is expected to be sent to the National Assembly on September 3, 2019 for deliberation and adoption.
Russian Court’s Judgment Recognized for Enforcement in Korea
Recently, based on the premise that requirements for “mutual guarantee” or “reciprocity” in relation to the recognition and enforcement of foreign judgments can be allowed between Russia and Korea, a District Court of Korea rendered its decision which allowed a judgment concluded by a Russian court to be enforceable in Korea (see Changwon District Court, …
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Korean National Assembly Passes “Blind Hiring” Bill to Reform Hiring Culture
Recently, the National Assembly of Korea passed legislative amendments to the Fair Recruitment Procedure Act (“FRPA”) as part of the reform efforts to address the country’s recruitment culture. The latest amendment – dubbed the “blind hiring” bill – expands the FRPA to prohibit any type of recruitment irregularities (e.g., improper solicitation, coercion, pressure) and, more …
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Korean Financial Supervisory Service Mandating Disclosure of Transaction Documents When Filing Repor
Korean Financial Supervisory Service Mandating Disclosure of Transaction Documents When Filing Report on Material Facts In light of the recent amendment to the internal policies of the Financial Supervisory Service of Korea (FSS), companies that file a “Report on Material Facts” on or after April 29, 2019, will also be required, as a matter of …