K-Content Law

Table of Contents

• CHAPTER I GENERAL PROVISIONS
• CHAPTER II CORPORATE TAX ON INCOME OF DOMESTIC CORPORATION FOR EACH BUSINESS YEAR
• CHAPTER II-2 SPECIAL CASES CONCERNING CORPORATE TAXATION ON INCOME FOR EACH BUSINESS YEAR OF CORPORATE TAXABLE TRUST PROPERTY
• CHAPTER II-3 CORPORATE TAX ON INCOME OF EACH CONSOLIDATED BUSINESS YEAR
• CHAPTER III CORPORATE TAX ON LIQUIDATION INCOME OF DOMESTIC CORPORATIONS
• CHAPTER IV CORPORATE TAX ON INCOME OF FOREIGN CORPORATIONS FOR EACH BUSINESS YEAR
• CHAPTER V Deleted
• CHAPTER VI SUPPLEMENTARY PROVISIONS
• CHAPTER VII PENALTY PROVISIONS

Summary

The Corporate Tax Act of Korea, established to ensure fair taxation, proper fulfillment of tax liabilities, and facilitate fiscal revenue collection, outlines the requirements and procedures for imposing corporate tax. The Act defines various terms related to corporations, including domestic and foreign corporations, non-profit organizations, and consolidated tax systems. It identifies who is liable to pay corporate tax, the scope of taxable income, and particular provisions for trust income. The Act also details the business year and rules for changing or artificially designating business years, the place of tax payment, and the jurisdiction over taxation. To enhance compliance, it provides guidelines for reporting and alterations in tax payment locations. The enforcement and oversight of this Act are managed by the head of the relevant tax office or the commissioner of a regional tax office.