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.
Amendments to Korea’s Unfair Competition Prevention and Trade Secret Protection Act Provide More Protection for Data and Famous People
Korea’s recent amendments to the Unfair Competition Prevention and Trade Secret Protection Act (the UCPA) strengthened the statutory framework for:
Revised Korean Patent Act going into effect from April 20, 2022
A number of important changes to the Korean Patent Act (KPA) are scheduled to go into effect from April 20, 2022. Read on to learn more about how these changes have been made to protect an applicant’s interests, provide further opportunities to obtain patent rights, and simplify a variety of procedures.
The New Administration’s Policy Outlook for Healthcare/Life Sciences
With the inauguration of Yoon Seok-yeol as the 20th president of Korea scheduled to take place on May 10, 2022, the Presidential Transition Committee (the Committee) announced 110 national initiatives for the new administration (the Initiatives) on May 3, 2022. In connection with national healthcare, (1) improvement and sophistication of countermeasure against pandemics, (2) stimulation …
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Deregulation of the Financial Sector’s Cloud Computing and Network Separation
Improvements to Cloud Computing and Network Separation Rules in Financial Sector On April 14, 2022, the Financial Services Commission unveiled its plans to improve regulations on cloud computing and network separation in the financial sector. This improvement plan aims to support the financial sector’s efforts for digital transformation in a stable manner, in response to …
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New President-Elect’s Labor Policy Outlook
On 9 March 2022, Suk-Yeol Yoon was elected as the 20th president of the Republic of Korea. As one of the central components of his campaign platform, the president-elect advocated various policy changes and reforms that could have significant impacts on the employment and labor laws in Korea.