Article 5 of the Presidential Decree of the Securities Transaction Tax Law of Korea was amended to lower taxes on stock transactions. The amendment came into effect on January 1, 2023. KOSPI2022: 0.23%2023/2024: 0.2% 2025: 0.15%* agriculture and fishery tax of 0.15% KOSDAQ2022: 0.23%2023/2024: 0.20% 2025: 0.15% KONEX/OTC 2022: 0.43%2023: 0.35% For a consultation with an attorney or our in-house CPA, schedule a call with IPG Legal. Please note, that we have an affiliated tax accountant and CPA that files taxes
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Korean Tax Law Amendments for Individuals for 2021
The Korean National Assembly passed a proposal by the Ministry of Economy & Finance and the Ministry of Interior & Safety related to Taxation of Businesses and Individuals in December of 2020. The Amendments shall take effect in 2021. The following is a summary of the major amendments to Korea’s Tax Code and regulations related to individuals in 2021. For an article on Taxation for Corporations please see: Korean Corporate Tax Law Amendments for 2021. 1. Amendment to Administrative Fines
Continue readingTax Liability of Controlling Shareholders in a Korean Company: Tax Law Updates
Under Article 39 of Korea’s Framework Act on National Taxes, unpaid taxes owed to the Korean government are enforceable against certain “ologopolistic” shareholders of respective debtor company’s shareholder. This secondary liability of shareholders is codified within the Framework Act on National Taxation. Article 39 of the Framework Act on National Taxes, specifically, notes that: “Where the property of a corporation is not enough to pay national taxes, additional dues and disposition fees for arrears imposed upon or to be paid
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