2019 - 30 04 2019
Ordinary wage and average wage - Part 1
The Labor Standard Act (hereinafter referred to “LSA”) of Korea sets out the standards for terms and conditions of employment in conformity with the Constitution. The LSA aims to secure and improve the fundamental living standards of workers and achieve a well-balanced development of the national economy. The LSA states that the "wages" shall mean wages, salary and any other form of money or valuables which the employer pays to its workers as remuneration for their work.
The LSA establishes two different concepts of wage: ordinary wage and average wage. Each concept has its own calculation method and different scope of applications. We will look at each of these concepts in more detail below.
2019 - 30 04 2019
The Korean tax law allows tax losses incurred within certain periods to be set off against the taxable income of a company in subsequent fiscal years. This month’s newsletter will briefly cover key details of the tax loss carryforward regime in Korea, particularly with respect to the tax loss carryforwards claimed against a company’s taxable income.
2018 - 31 12 2018
The October 2018 newsletter touched on the general aspects of the Value Added Tax (“VAT”) regime in Korea, covering such topics as the VAT taxpayer, taxable transactions, VAT base, calculation of the VAT, and filing and payments of the VAT, etc. This month’s newsletter will explore the key contents of the “zero-rated VAT” system in Korea, which is highly relevant to the foreign invested companies doing business in Korea.
2018 - 30 09 2018
Just as Corporate Income Tax and Personal Income Tax are important aspects to consider when doing business in Korea, VAT is another vital component that foreigners should be acquainted with. In this month’s newsletter, we are going to briefly look at the overall contents of VAT in Korea such as the taxpayers, taxable objects, VAT exemption, zero-rated VAT, tax rates, VAT returns and payment, etc.