The South Korea National Tax Service has published English-language tax news for April 2018 on certain changes resulting from the 2018 tax reform (previous coverage), including in relation to arm's length price determination and APA procedures:
The April tax news also notes changes in the scope of "other income" of individuals to include income from the placement or lease of easement or superficies that are unrelated to public works as taxable business income from 1 January 2018. It also notes a reduction in the expense rate deduction for other income payments from 80% to 70% from 1 April 2018 and to 60% from 1 January 2019.
Note – Other income includes specific categories of income that do not fall within the main categories of interest, dividend, business, employment, capital gains, and pension and retirement.
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