[THE INVESTOR] South Korea’s two ministries overlooking agriculture and fisheries on July 28 said they would request the Ministry of Government Legislation’s policy coordination committee to make adjustments to the anti-graft law that will be implemented in September.The Ministry of Agriculture, Food and Rural Affairs and the Ministry of Oceans and Fisheries announced their decision shortly after the Constitutional Court ruled the refuted clauses of the law -- also known as the Kim Young-ran law

[THE INVESTOR] The constitutional court of South Korea on July 28 ruled that a controversial anti-graft law set to be implemented later this year is “constitutional” to subject journalists and private school teachers to the legislation.The court also ruled that it was constitutional for the new law to place a limit on the goods and services that these individuals may be treated to. 123rfThe law currently stipulates a maximum penalty of three years or more in prison, or fines of five times the am

[THE INVESTOR] The special income tax rate for foreign nationals will be extended until the end of 2019, but raised by 2 percentage points, the government announced on July 28.According to the tax revision announced by the Ministry of Strategy and Finance, the special income tax rate for foreigners will remain in place until the end of 2019 at the raised rate of 19 percent. Foreign nationals working in Korea can choose to be taxed at the special rate for five years from the date their Korea-base

[THE INVESTOR] South Korea will require multinational corporations to submit business records including those regarding taxation, as part of its efforts to curb tax evasion. According to the revised tax rules, South Korea will comply with the international Base Erosion and Profit Shifting project and require multinational firms with annual revenues exceeding 1 trillion won (US$889 million) to submit detailed records.