Korean insights & regulatory updates - Issue 10: January 2024

Introducing our new insights & regulatory updates for January 2024!

This publication mainly highlights important changes for your business and covers topics around annual amendments to tax laws, minimum wages increase, and new Exposure draft on ISSA and Financial Instruments with Characteristics of Equity.

Check out our Issue 10 for updates on the following key areas:

Tax updates: Annual amendment to tax laws

  • Mandatory reporting of overseas stock-based compensation information by employees
  • Introduction of Reporting Obligation for Offshore Trusts
  • Expansion of submission obligations on forms pertaining to related-party disclosures
  • Revised Definition of Permanent Establishment
  • Extension of the “flat rate” timeline for Foreign Workers
  • Amendments to the Dividend Received Deduction (“DRD”) system.

HR & Payroll updates

  • Minimum wage increase in 2024

Audit & accounting updates

  • Exposure draft on ISSA 5000 for ESG disclosure
  • Exposure Draft on Financial Instruments with Characteristics of Equity

Please do not hesitate to contact us if you have any question.

Documents

Issue 10: January 2024
제 10호: 2024년 1월

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