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 essentialContinue reading
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