Korea

Corporate taxation

The CIT in Korea is

2013 24.20%
2014 24.20%
2015 24.20%
2016 24.20%
2017 22.00%
2018 25.00%
2019 25.00%
2020 25.00%
2021 25.00%
2022 25.00%
2023 25.00%

Corporate tax rates are progressive over three tax brackets and a local surtax of 10% of corporate income tax due is also imposed.

Transfer pricing

The Korean transfer pricing regulations are based on the arm’s-length standard and are generally consistent with the OECD Tranfer Pricing Guidelines.

Korean transfer pricing regulations are contained in the Law for the Coordination of International Tax Affairs (LCITA), which was enacted on 1 January 1996. The LCITA stipulates that transfer prices should be consistent with the arm’s-length standard.

Links

Transfer Pricing Case Law

Case NameDescriptionDateCountryKeywords