Tax Advisory and Compliance Services
HLB Tax and Legal Korea is fully integrated to provide seamless service to our valued clients with a wide range of tax services, including:
HLB Tax and Legal Korea’s service offerings are based on extensive experience which allows us to provide for the specific needs of Inbound and Outbound Tax Planning for our foreign clients. Setting up tax efficient investment structures can be an important component to a successful investment in Korea. Likewise, when opportunities arise for our Korean clients to invest overseas, we provide well-crafted tax planning and structuring ideas so that the investment can be made efficiently and with minimal tax risks.
Our tax experts are frequently involved in assisting domestic and multinational clients with mergers, divestitures, asset or share transfer and holding company structures. The needs and demands for restructuring and cross-border mergers and acquisitions are expected to continue under the ever-changing global market conditions and as Korean companies continue to expand globally. At the same time, foreign companies are increasingly seeing Korea as an important market in which they need to be present and effective tax planning is becoming critical for their commercial success.
HLB Tax and Legal Korea has one of the strongest Financial Services Practices in Korea, and we are dedicated to advising our clients in all aspects of financial products and the financial services industry. Our finance tax professionals work closely with commercial banks, investment banks, securities firms, insurance companies, asset management companies, private equity funds, and financial firms located in Korea and in other jurisdictions around the globe. With the support of the firm’s strong financial services client base, we have a great deal of experience advising the financial sector, handling complex deals and issues for our clients who are comprised of domestic and global financial firms.
We have also successfully represented clients in tax audits involving issues relating to withholding tax, permanent establishment and transfer pricing. We also have extensive experience advising Korean financial institutions and other entities with respect to U.S. Qualified Intermediary compliance, FATCA consulting, as well as issues arising from OECD Common Reporting Standard and the relevant regulations adopted by various governments.
HLB Tax and Legal Korea has built a formidable tax audit defense team to assist clients resolve tax disputes at the earliest stages of tax audit, before they escalate into a full blown conflict. And, to achieve the best outcome in tax audits, we understand the importance of establishing the right relationship and proper defense strategy from the initial stage of tax audit.
We are keenly aware that undergoing a tax audit is a stressful, time-consuming and costly process for taxpayers, even in circumstances where no significant tax liabilities arise as a result. Our strategies are designed to anticipate the potential issues that would arise in a tax audit so that clients can manage the tax audit and plan for their proper defense, including the advance preparation of information and documents likely to be requested and we also prepare technical position papers on complex or controversial tax issues.
When taxpayers have no option but to appeal or litigate, HLB Tax and Legal Korea is there to assist. Our tax litigation team is comprised of seasoned trial attorneys and tax experts that have deep experience at all levels and venues of the tax dispute resolution process. With former Supreme Court Judges, former Appellate Court Judges, former District Court Judges, former NTS Attorneys and several seasoned litigators, we develop winning strategies for our clients at both the administrative proceedings as well as in the courts.
Our tax appeals and litigation success track record speaks for itself. We have successfully represented nearly all major companies and financial institutions in Korea, as well as many multinational companies at all levels of administrative proceedings and at all levels of courts, including the Supreme Court, with many decisions that have had a significant impact on Korean tax jurisprudence as well as receiving substantial media attention.
At its essence, transfer pricing is all about understanding the taxpayers’ day-to-day business operations and how value is created along with the various functions that make up the manufacturing and distribution supply chain. Such understanding is critical for complying with the arm’s length principle that governs the transfer pricing rules through the jurisdictions that are members of the OECD.
We have significant experience handling all aspects of transfer pricing projects. Our transfer pricing team is unique in that it is comprised of not only attorneys, accountants and former tax officials that have transfer pricing experience, but also includes economists that can provide a detailed economic rationale for the transfer pricing method adopted by taxpayers.
In addition to transfer pricing documentation, the team can also assist clients with tax audit defense, MAPs and APAs, structuring of tax-efficient supply chains and designing of global transfer pricing policies.
HLB Tax and Legal Korea’s Customs team provides a comprehensive set of services in various areas of customs law including customs valuations, tariff classifications, free trade agreements, duty exemptions, duty drawbacks, country-of-origin certifications, customs audit defenses, customs administrative appeals, customs litigation and foreign exchange regulations. Regarding intercompany export/import transactions of multinational companies, we provide services related to customs transfer pricing as well as Advance Customs Valuation Arrangement with the Korea Customs Service.
Our Customs team is comprised of leading experts in customs law including the former commissioner of the Korean Customs Service, the former head of the Financial Supervisory Service, a Korean attorney with work experience at the Korean Customs Service, several former customs officials with more than 20 years of combined experience in customs audits and foreign exchange regulations, and foreign attorneys specializing in customs law.
HLB Tax and Legal Korea also offer a full range of tax compliance services which can alleviate the burden on our clients’ day-to-day operations while allowing them to concentrate their efforts on their core business activities.
As a team comprised of professionals with a broad range of expertise and experience, we provide customized services including tax compliance, bookkeeping and payroll, corporate establishment and liquidation, so that our clients can spend more time on issues that are vital to the success of their core business operations.
