Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of July 14, 2014

Weekly Korean Legal News From International Law Firm – IPG Legal For the Week of July 14, 2014.Korean Legal News Reported by the Media on the Week of July 14, 2014 LG outpaces Samsung in UHD TV panel market in May: data Hana Bank set for merger with KEB Economists Doubt Korea Can Return to Solid Growth Line to Be Listed on Tokyo Stock Exchange Korea ranks third in e-trade readiness Most Recent Posts from the Korean Law Blog Opportunities

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Opportunities in Korea’s Growing Tuning & Performance Modification Industry for Foreign Companies

Korea has been behind its Asian neighbors in its love for modifying cars, partially, because of Korea draconian laws related to car modifications.  Police, regularly, impose fines on those that modify the look and performance of cars. The tuning industry in Korea is estimated to be around USD 500mil, while Japan tops in at over USD 14billion.  We suspect this will change soon. The good news for foreign aftermarket parts manufacturers, looking to enter the Korean market, is that the

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Korean Fugitives on the Run: Getting more Difficult with Change of Law

Korea, last May, changed it law to allow the statute of limitation on crimes not to toll for fugitives.  Before the law change,if a defendant was not sentenced, the statute of limitation could toll (expire), thus, the defendant could avoid a conviction based on the tolling of the statute of limitation. For example, if a person is being questioned for a crime with a ten year statute of limitation, prior to the change in the law, the accused would not

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Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of July 7, 2014

Weekly Korean Legal News From International Law Firm – IPG Legal For the Week of July 7, 2014Korean Legal News Reported by the Media on the Week of July 7, 2014 Science Ministry to Introduce Laws for Better Mobile Service Plans Validity of Financial Holding Firms in Question Bank of Korea Hints at Rate Cut Pantech Sinking into Deeper Liquidity Crisis Samsung Chief Marks 2 Months in Hospital Most Recent Posts from the Korean Law Blog Is Samsung Doomed? No

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Witholdings Taxes on Transactions between Korean & Hong Kong Companies

The Republic of Korea and Hong Kong signed a double taxation treaty on July of 2014.  The treaty will come into force, if ratified, by the respective assemblies.  Under Korea Tax Law, the, normal, withholding tax is 22%.  The main purpose of the treaty is to reduce this rate and, also, allow the governments to share information on potential tax evaders.  This double taxation treaty, among other things, includes provisions for: A 15% Withholding Tax on dividends and a 10%

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Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of June 30, 2014

Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of June 30, 2014Korean Legal News Reported by the Media on the Week of June 30, 2014 FSS Chief Pledges to Back Foreign Firms Cho Steering Hanjin Shipping Out of Liquidity Crunch Park, Xi Boost Security, Business Ties Korea, China to Seal FTA by Year’s End Won Goes from Strength to Strength Most Recent Posts from the Korean Law Blog Is Samsung Doomed? No Innovation Price

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Is Samsung Doomed? No Innovation Price Trap

I love The Street. The Street is the investment site of Jim Cramer of Mad Money.  If you don’t know who Cramer is – you are missing out.  The show is a blast and is useful for investors. A piece on The Street entitled Samsung has an Innovation Problem – Its Not Apple is very enlightening on the future of Samsung. A few interesting clips from the article. “Samsung used to have a few strengths it flexed against Apple in

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Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of June 23, 2014

Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of June 23, 2014Korean Legal News Reported by the Media on the Week of June 23, 2014 Samsung, LG at War over Android Wearables Hyundai Motor to Be Fined for Overstated Fuel Economy Korea Recognized for Combating Money Laundering Asiana Accepts Responsibility for Crash Penalties Likely for Woori Bank Most Recent Posts from the Korean Law Blog Is Korea’s “Copy Culture” the Largest Threat to the

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Foreign Account Tax Compliance Act (FACTA) in Korea

From this month, the Korea Financial Services Commission will require banks to request all to disclose if they are U.S. nationals or U.S. permanent residents when opening a bank account in Korea. Most U.S. taxpayers residing abroad must report, under U.S. law, the details of all foreign financial accounts held and controlled by the taxpayer under FACTA and also Foreign Bank and Financial Accounts (FBAR). Get the picture?  The IRS is watching and now has more tools to watch. More

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Is Korea’s “Copy Culture” the Largest Threat to the U.S.? On Fox Business

Fox Business has an interesting article by Steve Tobak that is worth a read. Steve notes that: “Everyone talks about China as the principle threat to the U.S. economy, but South Korean giants like Samsung have systematically stolen our intellectual property, copied our products, illegally fixed prices, and played our courts against us to dominate lucrative markets for years.” Steve goes on to note: “Move over China and Russia. With friends like Korea, who needs enemies? A better question is:

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