Global Minimum Tax in Korea: Implementation Upcoming
Korea recently published new regulations containing detailed implementation guidance in regard to Global Minimum Tax (OECD Pillar Two). The new regulations are published in the Presidential Decrees to the International Tax Coordination Law and are effective January 1st, 2024. In this newsletter, Lee & Ko’s International Tax Team provides an update on the status of …
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KFTC Issues Advance Notice on Amendment of Merger Review Guidelines – Improvement of merger review process focusing on reflecting characteristics of the digital sector
To keep pace with the current trend of increasing business combinations involving digital service suppliers, including online platforms, the Korea Fair Trade Commission (KFTC) seeks to amend the Merger Review Guidelines (Review Guidelines) to account for the specific characteristics of the digital sector when conducting merger reviews.
Guidelines on Foreign Exchange Business of Foreign Financial Institutions
On October 18, 2023, the Guidelines on Foreign Exchange Business of Foreign Financial Institutions (the Guidelines) were established and implemented to open the domestic foreign exchange market to the outside world. We will touch on the background behind the establishment of the Guidelines and main contents thereof below.
Amended Enforcement Decree of the Personal Information Protection Act of Korea
The amended Personal Information Protection Act of Korea (PIPA), Korea’s main legal framework for personal data protection, came into effect on September 15, 2023.
Highlights of the FY2023 Tax Law Amendment Proposals
The Korean Ministry of Economy and Finance (MOEF) confirmed and announced the FY2023 tax law amendment proposals on July 27, 2023 (Proposals).
The Future of the Food Industry: Food Tech
With significant development in dietary supplements and alternative food industry in recent years, Korean government announced alternative food (e.g., plant-based meet, cultured meat,
Strengthening Regulation of Unfair Trading through Amendment of FISCMA
A proposal for partial amendment (Amendment) to the Financial Investment Services and Capital Markets Act (FISCMA) for the purpose of strengthening the regulation of unfair trading passed the plenary session of the National Assembly of Korea on June 30, 2023 and was promulgated on July 18, 2023.
Korea – Passage of the Act on the Protection of the Virtual Asset Users at the Plenary Session of the National Assembly
The Act on the Protection of the Virtual Asset Users (the Virtual Asset Act) which is designed to facilitate and strengthen the protection of the virtual asset users and set in place certain restrictions on unfair trade practices in the virtual asset market,
Review on Enactment of the Special Act on the Promotion of Dispersed Energy & Amendment to Electric Utility Act
The Special Act on the Promotion of Dispersed Energy (the Dispersed Energy Act) was recently enacted as of June 13, 2023 and,
HOW TO CORRECTLY SET UP AN E-COMMERCE WEBSITE FOR SALE IN ACCORDANCE WITH VIETNAM LAW?
The recent pandemic has prompted consumers all over the world, and particularly in Vietnam, to adopt a new shopping habit: online shopping, particularly after a period of social isolation.