Introducing our new insights & regulatory updates for July 2024.
This publication mainly highlights important changes for your business, including annual proposed amendments to tax laws, results from the inspection of recruitment procedures, revision of minimum wage for 2025, and the Korean regulator’s comments on IFRS 18.
Check out our issue 12 for updates on the following key areas:
Tax updates
Annual proposed amendments to tax laws
Expansion of R&D tax credit eligibility
Reform of the integrated employment tax credit
Rationalization of the criteria for non-deductible f excessive interest expenses relative to income
Mandatory submission of non-taxation / exemption application and payment statement for domestic source personal service income
Amendment of the tax refund claim for arm’s length price adjustment
Abolishment of the premium valuation on shares held by major shareholders
Tax treaty update
Korea-Türkiye tax treaty amendment
HR & payroll updates
Violations identified on recruitment procedures by companies
Minimum wage increase in 2025
Adjustment in National Pension base salary
Withholding requirement on all business income
Audit & accounting updates
IFRS 18: Presentation and disclosure in financial statements
Please do not hesitate to contact us if you have any question.
Documents
Issue 12: July 2024
제 12호: 2024년 7월
Want to know more?
Julien Herveau
Managing Partner of Forvis Mazars in Korea
-
Seoul
