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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 Supreme Court rules on the rights of an employer to an employee invention

South Korea - March 25 2013 On November 15, 2012, the Supreme Court ruled in detail about the rights an employer has to an employee invention where a contract provides for an

Introduction of reporting system for massive short selling positions

South Korea - June 5 2012 The Financial Services Commission (FSC) announced on March 14, 2012 that it would be introducing a reporting system, by way of amendments to the Enforcement Decree for the Financial Investment Services and Capital Markets Act, for massive short selling positions, pursuant to which investors will be required to submit reports with data on their short selling positions and changes in such positions whenever their short selling positions exceed a specified level

Mitigation on regulations regarding free gift sweepstakes

South Korea - March 25 2013 The Korea Fair Trade Commission ("KFTC") revised the Guideline on Types of and Criteria for Unfair Trading on Free Gift (hereinafter, "Gift

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

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