Lee & Ko Tax Group Newsletter: Korean Tax Law and Regulation Updates for 2023
Korea’s current position and direction/trends within the global taxation context Korea’s latest tax reforms package was approved by the National Assembly in December 2022, with further details made clear by the Presidential Enforcement Decree which was published in January 2023. Before going into the details of the Korean tax reforms for 2023, it is important …
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2023 Capital Markets Regulation Trends and its Impacts on Corporations
Much of what was discussed in the new administration’s capital market policy prospects in early 2022 was carried over from election pledges. That may be why the general market protection policy was widely deployed. Regulatory authority’s intention to regulate unfair trade has been announced several times and is reflected in regulation and supervision in a …
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Korea’s Draft Amendment to the Civil Act May Mean Statutory Protection for ‘Right of Publicity’
As the use of content platforms continues to grow around the world, Korea is revisiting the debate on who should be allowed to benefit from a person’s name, likeness, or other indicia of personal identity. In a global environment where almost anyone can obtain public notoriety, Korea is seeking to foster a balanced approach to …
KFTC Proposes Revisions to Merger Review Guidelines and Merger Filing Guidelines
The Korea Fair Trade Commission (“KFTC”) proposed revisions to the Merger Review Guidelines and the Merger Filing Guidelines to facilitate merger reviews of certain investments and to expedite their review process. With the number of filings increasing from 701 in 2018 to 1,113 in 2021, the KFTC is seeking to enhance efficiency in the merger …
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Recent Capital Markets Regulatory Trend
In addition to the stagnation of Korea’s capital markets, as concerns about losses and damages arising from financial transactions are increasing, financial authorities are continuing to increase the level of supervision on capital markets. Recently, ‘Unfair Trading Investigation/Inspection Council’, comprised of the Financial Services Commission (the “FSC”), the Financial Supervisory Service (the “FSS”), the Korea …
2022 Proposed Korean Tax Law Amendments – International Taxation
The Ministry of Economy and Finance (MOEF) released “2022 proposed tax law amendments” (the Proposed Amendments) on July 21, 2022 which would generally be effective from 2023.
Korea Implements New Act on Special Measures for Strengthening and Protecting Competitiveness of National High-Tech Strategic Industries
Korea’s Act on Special Measures for Strengthening and Protecting Competitiveness of National High-Tech Strategic Industries (the Special Act) has been implemented with its accompanying Enforcement Decrees and Enforcement Rules. The Special Act aims to: (1) maintain national and economic security; (2) protect and foster strategic technologies; and (3) enhance the competitiveness of Korea’s high-tech industry.
PIPC Imposes Record Fines on Google and Meta for Privacy Violations
On September 14, 2022, the Personal Information Protection Commission (PIPC) announced that it had imposed record fines totaling KRW 100 billion on Google LLC (Google) and Meta Platforms, Inc. (Meta), the service provider of Facebook and Instagram, for collecting and using the behavioral data of users without consent for targeted advertisements in violation of the …
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New Administration Displays Its Strong Will to Promote Digital Health
Further to the 110 national initiatives for the new administration announced on May 3, 2022 (see our newsletter dated May 10, 2022), the government released a more detailed plan to promote digital health on July 27, 2022 (the Plan). The Plan was jointly prepared by the Ministry of Health and Welfare, the Ministry of Economy …
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Recent Supreme Court Decision Discusses the Income Characterization of Consideration for Software under the Korea-US Tax Treaty
Lee & Ko Tax Group is pleased to distribute this Tax Alert to our Clients and Friends of an important tax case recently decided by the Supreme Court of Korea (2022du36155, decided on June 16, 2022) involving certain payments for the purchase of software by a Korean subsidiary from its US parent.