Korean Financial Regulators Advance Legislation to Introduce Regulatory Sandbox to Spark FinTech
Korean Financial Regulators Advance Legislation to Introduce Regulatory Sandbox to Spark FinTech The 2018 year in review in Korea was notable for the sluggish overall economy, uncertainty surrounding the geo-politics and impact on Korea due to the global trade wars, on-going concerns related to the lack of jobs and unemployment, increased taxes and burdens for …
Flying Under the Radar
Flying Under the Radar: Companies Must Increase Awareness of the Potentially Dormant and Disruptive Changes to the Minimum Wage in Korea Korea has experienced unprecedented yearly increases to the statutory minimum wage since 2017 in addition to changes in the applicable legislation. While companies are aware of the more patent impacts of the recent major …
New Legislation: Amendment to the Enforcement Decree of the Act on External Audit of Stock Companies
New Legislation: Amendment to the Enforcement Decree of the Act on External Audit of Stock Companies The amendment to the Act on External Audit of Stock Companies (the “Act”) and the enforcement decree thereof (the “Enforcement Decree”), whose key feature pertains to the external audit and disclosure requirements for limited liability companies, became effective as …
New Proposed Tax Law Amendments Provide Clarification on the Taxation of Foreign Funds
On July 30, 2018, the Korean Ministry of Economy and Finance (“MOEF”) announced the proposed tax law changes/amendments for 2019 and beyond (“Proposals”). The Proposals are expected to be reviewed and finalized by the Korean National Assembly in December 2018. Some key Proposals that should be of great interest to private equity funds and other …
KFTC to Expand Scope and Penalties of Korea’s Antitrust Enforcement Regime
Korea’s competition authority, the Korea Fair Trade Commission (the “KFTC, has announced a proposal to expand its existing enforcement authority to the courts and prosecutors through a full-scale reform of the Monopoly Regulation and Fair Trade Act, Korea’s primary competition statute. If all proposed reforms are passed by the National Assembly as currently drafted, the …
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The Use of Dispatch Workers: Ironing Out Yet Another Wrinkle for its Successful Implementation
From a purely employer’s perspective, foreign companies operating in Korea are often frustrated (or at times, even amazed) at some of the protections provided to employees under the Korean employment laws. A few of the most difficult legal requirements include the strict just-cause requirement for termination, the durational limits on the use of fixed-term (contract) …
Korea’s New Supreme Court Case Excludes Mileage From Vat Taxation:
Used mileage points interpreted as sales allowance deductible from tax base If a business operates a customer loyalty program together with other business, in which the amount of mileage points granted for the customers’ primary transaction is deducted from the purchase price of the customers’ secondary transaction and those customers only have to pay the …
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