Samjong KPMG Holds 2021 Revised Tax Law Briefing Session

[Asia Economy Reporter Ji-hwan Park] Samjeong KPMG announced on the 3rd that it will hold the '2021 Revised Tax Law Briefing' as an online webinar on the 17th.

The newly revised tax law sets the basic directions of tax reform as overcoming the damage caused by COVID-19 and enhancing economic vitality in preparation for the post-COVID era, expanding the foundation for inclusion and strengthening coexistence and fairness, and rationalizing the tax system and protecting taxpayer rights.

Major revisions include improvements to the trust tax system to revitalize the trust business, expansion and rationalization of tax support for returning companies, application of R&D tax credits for patent investigation and analysis costs of small and medium enterprises, taxation of virtual asset transaction income, strengthening taxation on housing ownership, and addition of prior notice and result notification items for tax audits.

In this webinar, Samjeong KPMG tax experts will serve as presenters to guide the major revisions, background, and legislative intent of each tax category, including the Framework Act on National Taxes, Corporate Tax Act, Restriction of Special Taxation Act, and international taxation.

Yoon Hak-seop, head of the Tax Advisory Division at Samjeong KPMG, said, "The revised tax law includes amendments that improve part of the tax special cases system to enhance economic vitality in preparation for the post-COVID era, such as the establishment of an integrated investment tax credit to expand investment tax credits, and the extension of the carryforward period for tax credits and net operating losses." He added, "We hope this webinar will help participants understand the direction of tax law revisions and the major changes."

The webinar can be registered for free on the Samjeong KPMG website. The viewing link will be individually provided to applicants later.

The Tax Advisory Division of Samjeong KPMG is composed of experts in various fields, including certified public accountants specializing in taxation, tax accountants, lawyers, former National Tax Service officials, and economic analysis experts. They provide comprehensive tax advisory services, including response strategies to effectively manage tax-related risks in the rapidly changing domestic and international environment.

This content was produced with the assistance of AI translation services.