5 Major Developments in South Korea

5 Major Developments in South Korea

• Imported Plastic Toys that can be Assembled and Disassembled Subject to 0% Tariff Rate (Tax Tribunal Decision)

• South Korea Assembly Considers Bill to Extend Application Deadline for VAT Exemption Due to War

• Prices of Imports and Exports were not Manipulated to Benefit Third Parties (Court Decision)

• Proposed amendments to VAT Act are under review

• Assembly Considers Bill to Partially Amend VAT Act regarding Rates

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Customs

• Imported Plastic Toys that can be Assembled and Disassembled Subject to 0% Tariff Rate (Tax Tribunal Decision)

• KPMG Week in Tax: 19 – 23 June 2023

• KPMG Week in Tax: 22 – 26 May 2023

• Customs Penalty Upheld even though Taxpayer Voluntarily Amended Customs Value (Tax Tribunal decision)

E-invoicing

• E-invoicing and Self-Billing Invoices

Exemption

• South Korea Assembly Considers Bill to Extend Application Deadline for VAT Exemption Due to War

• Tax Cut Takes Edge off Vet Bills

Export

• Prices of Imports and Exports were not Manipulated to Benefit Third Parties (Court Decision)

Importation

• Imported Plastic Toys that can be Assembled and Disassembled Subject to 0% Tariff Rate (Tax Tribunal Decision)

• KPMG Week in Tax: 19 – 23 June 2023

• Prices of Imports and Exports were not Manipulated to Benefit Third Parties (Court Decision)

Invoice

• South Korea Introduces Self-Billing Invoices

• South Korea proceeds to allow self-billing for VAT invoices

Rate

• South Korea Assembly Considers Bill to Extend Application Deadline for VAT Exemption Due to War

• Proposed amendments to VAT Act are under review

• Assembly Considers Bill to Partially Amend VAT Act regarding Rates

• South Korea Assembly Considers Bill on Temporary Zero-Rated VAT for Energy Products

• Tax Cut Takes Edge off Vet Bills

Taxable Amount

• Customs Penalty Upheld even though Taxpayer Voluntarily Amended Customs Value (Tax Tribunal decision)

Tax Authorities / Penalties

• Customs Penalty Upheld even though Taxpayer Voluntarily Amended Customs Value (Tax Tribunal decision)