PREFACE
Dear readers,The Korean government has set the long-term objectives of its tax policies asbroadening revenue base, creating fair and efficient tax regime, making provincial financingself-sufficient and winning public trust on the services provided by tax administrators.Based upon these long-term goals, the Office of Tax & Customs at the Ministry of Finance &Economy introduced a series of tax measures in 2003.These new measures, effective from 2004, include, but are not limited to phasingout outdated and inefficient tax incentives, introducing measures to promote bettercompliance of the self-employed, strengthening taxation on short-term capital gains from realestate transactions as well as imposing taxation on every type of gift & estate transactions.Korean Taxation 2004, like its preceding editions, presents the basic principles andrules of the Korean tax regime in a relatively brief and manageable format. I hope that thisedition will continue to serve as a handy reference for a wide spectrum of readers, both athome and abroad, interested in the Korean tax regime.Finally, I would like to acknowledge efforts that some colleagues in my Officehave made in revising and updating the Korean Taxation. To name a few, they includeKyubeom Cho, Manhee Cho, Jihun Kim, Geonyoung Kim, Byeongcheol Kim and JinhongRim. I would like to take this opportunity to express gratitude to their generouscontributions which enabled the publication of this edition.
Lee, Jong KyuDeputy Minister for Tax & CustomsMinistry of Finance & Economy
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Table of Contents
Part 1: Introduction
Chapter I: Tax System in Korea
1.
Taxes in Korea …………………………………………………….12. Tax Laws and Regulations
..
.…………………………………....…
.
33. Tax Administration…………………………………….…………..54. A Brief History of Taxation in Korea……………….……………. 9
Part 2: Direct Taxes
Chapter II: Income Tax
1. Taxpayer ………………………………………………………….302. Taxable, Non-taxable, and Tax-exempt Income………………….303. Tax Base and Deduction………………………………………….374. Tax Rates and Credit……………………………………………
...
535. Tax Return and Payment…
…
…………………………………….566. Tax Assessment and Collection
…
………………………………..597. Withholding Tax………………………………………………….618. Tax Penalties
…
…………………………………………………...639. Bookkeeping and Reporting……………………………………...6410. Non-resident Income Taxation…………………………………...65
Chapter III: Corporation Tax
1. Taxpayer …………………………………………….……………721.
Place of Tax Payment
…
...……………….………….……………733. Taxable and Non-Taxable Income
…
……………………………..744. Tax Base……………………………………………..……………755. Gains……………………………………………………………...776.
Avoiding Double Taxation on Dividend Income from HoldingCompanies to Subsidiaries………………………………………...79
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7. Losses……………………………………………….……………808. Tax Rates and Credits……………………………….……………889. Filing Tax Return and Payment…………………………………..9010. Tax Computation, Adjustments, and Collection………………….9111. Withholding Tax
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……………………………………………….9412. Penalty Tax
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…………………………………………………….9413. Bookkeeping
…
…………………………………………………...9714. Taxation of Liquidation Income………………………………….9715. Taxation of Foreign Corporation………………….…………….100
Chapter IV: Inheritance & Gift Tax
1. Inheritance Tax……………………………………………….…1102. Gift Tax………………………………………………………….115
Part 3: Indirect Taxes
Chapter V: Value Added Tax
1. Taxpayer ………………………………………………………...1202. Taxable Period
…
………………………………………………..1213. Taxable Transactions
……
………………………………………1214. Zero-Rating and Exemptions……………………………………1265. Tax Base and Assessment……………………………………….1306. Tax Return and Payment………………………….……………..1367. Adjustments, Collection, and Refund…………………………...1398. Simplified Taxation and Special Taxation………………………142
Chapter VI: Special Excise Tax
1. Taxpayer ………………………………………………………...1452. Tax Base ………………………………………………………...1453. Taxable Goods and Tax Rates…………………………………...145
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