Korea: New withholding obligation for domestic companies with foreign secondees

Feb 2016 

The National Assembly of Korea has recently approved bills to amend the individual income tax law - the new law establishes a new withholding obligation on domestic companies with foreign secondees that will apply to payments made to a foreign company from 1 July 2016 and thereafter.

The proposed Presidential Decree, which provides details relating to the new tax law, was released by the Ministry of Strategy and Finance on 23 December 2015 and is scheduled to be made public on 29 January 2016. 

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