Lee & Ko is pleased to share that the firm has had success in appealing a tax determination applying the Foreign Flat Tax Rate and believe that this would be of significant importance to member companies of the ECCK – in particular executives, foreign employees/expatriates.
Lee & Ko recently obtained a favorable decision from the Tax Tribunal regarding a foreign employee who: (1) worked in Korea for a period of time which ended prior to January 1, 2014; and then (2) returned to Korea and started working in Korea again after January 1, 2014.
Lee & Ko successfully persuaded the Tax Tribunal to agree with all of its arguments and to cancel the additional taxes imposed on the taxpayer in full. In this regard, other foreign employees in similar circumstances are expected to be eligible for the cancellation of additional tax soon. Foreign employees who were not able to apply the flat tax rate in the past due to the NTS Interpretation on can now claim refunds by filing amended income tax returns for the past five years.
For more detail and contact information, please click HERE.