tax law Archives | Be Korea-savvy

With New Tax Law, Sales of Imported Vehicles Plummet

SEOUL, July 29 (Korea Bizwire) – Sales of imported ‘company vehicles’ in Korea rapidly declined in H1 2016 compared to the same period in 2015, thanks to a recent revision to tax laws that took away some of the benefits of purchasing vehicles under a company name starting in 2016. Prior to the amendment, there [...]

New Tax Laws Mean Fewer Imported Company Cars

SEOUL, March 10 (Korea Bizwire) – With restrictions on the accounting of vehicles for business use becoming stricter, the number of imported cars being used as corporate vehicles has dropped to a historic low. Vehicles from brands such as Rolls-Royce, Bentley, Porsche, Jaguar, Lexus, Audi and BMW that were purchased as corporate cars and then [...]