Korean Tax Law Amendment Press Release by Korean Government

The following is a Press Release by the Korean Government on recent Korean Tax Law enforcement decrees.  We shall update the reader when more is known.  The following press release was not proofread or translated by this firm.  The Press Release was published by the Ministry of Strategy & Finance in the English language and copied, in its entirety, below. Decree Focuses on Boosting Investment and Broadening Tax Base The government announced a revision to a total of 17 tax

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Korean Tax Risk of Foreign Corporation Deemed “Actual Business Management Locale” within Korea: Korea Tax Law Basics

Foreign corporations, doing business in Korea, may be deemed local corporations subject to taxation on worldwide income if the foreign-incorporated company is deemed a Korean “domestic corporation” for Korean tax purposes.  This liaison-office Korean Tax Risk can, thus, lead to taxes on worldwide income, a tax audit and even criminal sanctions against those operating in Korea.  We have dealt with matters were employees, even, received exit bans. Thus, in most cases the establishment of a local Korean corporation is essential

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Korean Real Estate Acquisition Taxes for Purchase of Real Estate in Korea

The following are the Korean real estate acquisition taxes for the purchase of real estate in Korea. These acquisition taxes are applicable to the purchase of an apartment, land, or commercial property. Taxes in Korea change, often, when new administrations come into office. Thus, these taxes may change, thus, please consult with your real estate agent and/or accountant. Foreigners may purchase property in Korea, certain restrictions do apply to the purchase of property by foreigners. Basic Taxes Related to the

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English-speaking Korean lawyers and International Lawyers at International Law Firm in Korea discussing issues of Korean Law

IPG Legal is a leading client-focused international law firm with offices in Korea that is, often, selected over the ubiquitous Korean Law Firms when success is essential and success depends on nuanced street-smart advice, proactive  and unconflicted representation. Our attorneys are, intentionally. different from the crowd.  From our retired judge partners to our junior associates, we are all trained with an intense focus on client success, lawyer proactivity, and to understand the nexus between your commercial and legal needs. Our attorneys

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Filing your U.S. Taxes as an Expat in Korea: Foreign Earned Income Tax Exclusion

Often, American expats and American Permanent Residents are unaware of the fact that they, as U.S. citizens or resident aliens living abroad, are required to file U.S. tax returns even if they do not owe money to the U.S. government or earn income in the U.S. If you are behind on filing your U.S. taxes, you can file your prior year’s tax returns retroactively.  If you are caught by the IRS, prior to filing your taxes, you may be subject

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Korea’s Real Name Transaction Act Strengthened: Korea’s Banking Law Basics

The National Assembly of Korea, in May of 2014, passed an amendment to the Act Concerning Financial Transactions by Real Name and Confidentiality Protection (“Real Name Transactions Act”). The Real Name Transactions Act, prior to this amendment, only, imposed fines on employees of financial institutions that violated the law, but did not impose these fines on those that lend or borrow a name/identification details in order to engage in a transaction. The new Real Name Transactions Act shall be enforced

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File Your U.S. Taxes in Korea: Earned Income Tax Exclusion/FBAR

Most Americans/American permanent residents living abroad are required to file a U.S. Income Tax Return in order to avail themselves of the Foreign Earned Income Tax Exclusion.  The Exclusion allows a taxpayer not to pay U.S. taxes on all of one’s earning under a specific threshold.  You may lose the Exclusion if you do not file the return. You can file your U.S. taxes from within Korea. The Earn Income Tax Exclusion may be filed via IRS Forms 2555 or

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Tax Audits in Korea

Tax Audits, in Korea, often led to extreme stress for our clients.  However, understanding the system and having an experienced tax accountant and sometimes a tax lawyer with experience in audits, normally, leads to a decent outcome from the National Tax Service of Korea. Yes, you will, likely, be audited during your time doing business in Korea.  However, in all but the most flagrant of violations, the financial damage is, typically, minimal . The NTS has a decent basic explanation

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Accounting & Tax Consulting Services in Korea: JZ Associates

Most of the accounting needs at IPG are performed by JZ Associates.  The majority of our client’s accounting needs are, also, peformed by this accounting firm.  The firm performs for our client’s Payroll Services, Statutory Bookkeeping Services, Corporate Secretarial Services, Tax Advisory Services & often assists us on Customs, Tax & other Administrative Audits.  It is very difficult to find accountants, in Korea, that advise in a proactive manner.  Most are mere bookkeepers  – JZ Associates has a team of

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Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of July 21, 2014

Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of July 21, 2014Korean Legal News Reported by the Media on the Week of July 21, 2014 South Korea Plans $40 Billion Stimulus to Tackle Weakening Growth Seoul to push tax on corporate cash reserves U.S. Chamber of Commerce chief urges FTA implemantation Workers in Their 60s Outnumber 20-Somethings Mortgage deregulation raises concerns Most Recent Posts from the Korean Law Blog Debt Collection in Korea: Foreign

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