Korea Expansion Agency “KEA”

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Subject [Newsletter - Nov. 2022] New reporting requirements for Korea Liaison Offices of Foreign Corporation
[KEA Newsletter - Nov. 2022]


NEW REPORTING REQUIREMENTS FOR KOREA LIAISON OFFICES OF FOREIGN CORPORATION

- What is the new reporting requirement?
Liaison offices of foreign corporations in Korea that undertake non-sales functions need to prepare specified information as of December 31st each year and submit the information by February 10th of the following year.

- When is this effective?
This new reporting requirement is effective from fiscal years starting on or after January 1, 2022.

- What is the purpose of the new reporting requirement?
The Korean government introduced a new reporting requirement for liaison offices of foreign corporations in Korea to prevent companies from conducting business and income-generating operations through their liaison offices in Korea without registering a permanent establishment.

Read more about the new requirement in the attached pdf file.











#keanewsletter #liaisonoffice #koreataxupdate #taxcompliance
File
KEA_Newsletter_Liaison office reporting_Nov2022.pdf