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Lee & Ko


2013 Korean tax law amendments relating to international taxation

South Korea - February 28 2013 On January 1, 2013, the tax law amendments were ratified by the Korean National Assembly. Most of the amendments took effect as of the same date

The Monopoly Regulation and Fair Trade Act revised to strengthen the Korea Fair Trade Commission

South Korea - June 5 2012 On February 27, 2012, the National Assembly passed the revised Monopoly Regulation and Fair Trade Act (the “MRFTA”), which strengthens the authority of the Korea Fair Trade Commission (the “Commission”), to be enforced starting June 22, 2012

The revised Guidelines for Notification on Combination of Enterprises increases predictability and decreases burden on companies

South Korea - August 21 2012 In an effort to clarify the ambiguous provisions regarding the duty to file a business combination report with the Korea Fair Trade Commission (“KFTC”), the Guidelines for Notification on Combination of Enterprises (the “Guidelines”) have been revised to reduce confusion, simplify the format, and to reduce the burden on companies

Change in method of issuing amended tax invoice upon termination of a contract

South Korea - August 21 2012 Starting in July 1, 2012, when an amended tax invoice is being issued upon termination of a contract, the contract termination date must be indicated on the amended tax invoice as the issuance date for the amended tax invoice

Korean Intellectual Property Office (KIPO) announces proposed amendment to the Trademark Act

South Korea - August 21 2012 KIPO announced on June 4, 2012 the proposed amendment to the Trademark Act which is purported to expand the scope of exemptions to trademark infringement to alleviate conflicts between trade names and trademarks reflecting the realities of the commercial practices

South Korea’s Patent - Approval Linkage System

South Korea - May 29 2014 Although South Korea's new Patent- Approval Linkage System will not be fully implemented until 2015, there is already keen interest from global

"In Korea, legal opinion letters obtained before commencement of formal criminal process are not privileged"

South Korea - August 28 2013 According to the Supreme Court of Korea, when a client receives a legal opinion letter from hisher attorney regarding potential criminal liability

Consequences of altered use of a registered mark by licensees

South Korea - May 31 2013 On May 26, 2011, the Supreme Court, in Lacoste v. Crocodile International rendered a decision ordering cancellation of Crocodile International Pte

Comprehensive export of the Korean Medical System to Saudi Arabia

Saudi Arabia, South Korea - April 30 2013 Under the so-called "Medical System Twinning" project, Korea will make a comprehensive export of its medical service systems to Saudi Arabia. The

Government: “no capital gains tax on derivatives”

Canada - March 25 2013 On September 28, 2012, the government submitted to the National Assembly a draft amendment to the Securities Transaction Tax Act to introduce a