Deloitte Anjin Successfully Concludes '2021 Korea Accounting and Tax Online Seminar'

Published 28 May.2021 09:47(KST)

[Asia Economy Reporter Ji-hwan Park] Deloitte Anjin Accounting Corporation announced on the 28th that it successfully held the ‘2021 Korea Accounting and Tax Online Seminar,’ which provides extensive commentary in Japanese on domestic accounting and external audit systems, revised tax laws, and the actual conditions of tax and customs investigations on the 27th.

The annual accounting and tax commentary seminar for Japanese companies hosted by Deloitte Anjin was held online this year due to COVID-19, significantly enhancing accessibility for attendees. The online seminar, aimed at providing Japanese companies with an understanding of the domestic accounting and tax environment, reportedly attracted about 300 corporate accounting and tax personnel who showed enthusiastic interest.

The seminar began with a greeting from Jung-wook Seo, leader of Deloitte Anjin’s Japanese Services Group (JSG). Seung-soo Kang, partner of the Audit Headquarters JSG, delivered the first presentation on Korean accounting and external audit systems, covering differences between Japanese and Korean accounting standards and Korea’s unique external audit system.

Next, Sung-jae Lee, partner of the Tax Advisory Headquarters JSG, explained the latest trends in tax investigations, including the current status of tax audits and key points foreign companies should know during tax investigations. Finally, Myung-kyu Kim, partner of the Tax Advisory Headquarters JSG, shared the main contents of the 2021 revised tax laws that Japanese companies must be familiar with. The customs investigation session covered the latest trends in Korean customs investigations, including review details and taxation cases.

All sessions of the online seminar were conducted in Japanese, deeply conveying Korean accounting and tax matters to expatriates of Japanese companies operating in Korea and practical personnel based at parent companies in Japan. Additionally, the Q&A session saw in-depth questions on topics such as the current status of IFRS adoption in Korea, permanent establishment (PE) taxation, and tax investigation realities related to transfer pricing, eliciting enthusiastic responses from attendees.

JSG leader Jung-wook Seo of Deloitte Anjin said, “This seminar was successfully concluded with over 300 corporate participants not only from Korea but also from Japan due to the high accessibility of the online format,” and added, “We hope that Japanese companies actively operating in Korea will achieve great leaps forward based on their understanding of the Korean accounting and tax system through this seminar.”