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.
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.