Last updated: 17 Mar 2012
Taxation
Corporate and personal income taxes in Korea are administered by the National Tax Service. Resident corporations and branches of foreign corporations are subject to corporate tax.
Korea’s corporate tax rate uses a two step progressive approach. There are three types of taxable income falling under corporation tax - annual income (one fiscal year), liquidation income, and capital gains from the transfer of land, etc.
Up-to-date information regarding the taxation system and current rates of taxation in Korea can be found by accessing the Korea Trade-Investment Promotion Agency website.
Top Business Risks
Bilateral agreements
Australia has social security agreements with several countries that address the issue of 'double super coverage' for employees sent to work overseas. To take advantage of these agreements, Australian employers sending employees overseas to work must apply to the Tax Office for a Certificate of coverage.
For more details, please visit the Australian Taxation Office website.
APEC Business Travel Card Scheme
Managed by the Department of Immigration, the APEC Business Travel Card Scheme was developed to make travelling within the 21 APEC member countries much simpler and more efficient.
OECD Guidelines for Multinational Enterprises
Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the AusNCP website.
IP Passport fact sheets
These fact sheets outline foreign Intellectual Property (IP) regimes and some of the issues and challenges which may be faced by Australian exporters.
The current fact sheets are available on the IP Australia website.