Korean insights & regulatory updates - Issue 9: September 2023

This publication mainly highlights important changes for your business and covers topics around annual proposed amendments on tax laws, minimum wages increase, and new mandatory use of XBRL for business report.

Check out our Issue 9 for updates on the following key areas:

Tax updates:

• Amendments to the Dividend Received Deduction (“DRD”) system.
• Mandatory reporting of overseas stock-based compensation information by employees
• Introduction of Reporting Obligation for Offshore Trusts
• Revised Deadline for Submitting Local Files and Master Files
• Revised Definition of Permanent Establishment
• Extension of the “flat rate” timeline for Foreign Workers

HR & Payroll updates

• Minimum wage increase in 2024
• Adjustment in national pension base salary

Accounting updates

• Implementation of eXtensible Business Reporting Language (XBRL)

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