YOON & YANG LLC TAX PRACTICE GROUP

Transcription

1 YOON & YANG LLC TAX PRACTICE GROUP

2 TAX PRACTICE Group YOON & YANG LLC TAX PRACTICE GROUP TAX PRACTICE GROUP OUR FIRM Yoon & Yang LLC, a leading law firm based in Seoul, Korea, promises the highest-quality expert services to its clients. Our approximately 350 professionals include attorneys, certified public accountants, certified public tax accountants, and customs attorneys. Our leading experts in 14 specialized practice groups, including Tax, Competition and Antitrust, Intellectual Property, Labor, Banking and Finance, Real Estate, Corporate Advisory, Health Care and Criminal Defense provide our clients with a one-stop legal service through an organic and interdisciplinary approach to ensure the optimal result. Yoon & Yang, building on our success of the leading IP Law Practice Group that efficiently responds to the dynamic developments in the field of intellectual property law, subsequently launched the Customs and Trade Practice Group in 2013, offering high-caliber legal services commensurate with Korea increasing economic influence in the field of international trade. Highly Recommended Law Firm in 8 Practice Areas including Tax, M&A, Capital Markets, Competition & Antitrust, Banking & Finance, Intellectual Property by Asialaw Profile 2014 and 2015 Recognized as One of Korea s Top 3 Elite Law Firms in the Field of Competition Law by Global Competition Review for 6 consecutive years from 2009 to 2014 M&A Deal of the Year 2007: Prime Group s Acquisition of Dong-A Construction from Asian-MENA Counsel OUR TAX PRACTICE GROUP The Tax Practice Group at Yoon & Yang provides the highest-quality service to its clients using its variety of domestic and international experiences by leveraging the decades of experience as well as their depth of knowledge of 13 attorneys, 8 certified public accountants, 8 certified public tax accountants, 8 customs attorneys. By organizing a team that is customized to the needs of our clients, we are able to offer a systematic approach to our services. The attorneys of the Tax Practice Group have exceptional expertise and experience to successfully advise clients with regard to tax consulting and tax litigation, and draw from their experience with tax matters gained during their tenure as judges, including at the Supreme Court of Korea. In addition, the Tax Practice Group consists of experienced advisors with experience leading the National Tax Service and the Regional Tax Offices, who are able to quickly offer decisive insight in the early stages of tax audit and suggest practical and helpful solutions to clients. Moreover, certified public

3 YOON&YANG LLC accountants and foreign lawyers who had practiced in the countries including the U.S., China, Japan, Germany, and Russia provide an international depth in connection with comprehensive tax and legal advice regarding global tax planning and transfer pricing that are vital to global corporations entry into Korea and Korean corporations expansion overseas. The Tax Practice Group also advises their clients with customs matters. Our customs attorneys, with their expertise in a variety of customs matters as well as experience as leading the Korean Customs Service and the Ministry of Strategy and Finance, assist clients engaged in export and import in resolving matters regarding customs clearance, customs audits and FTA origin verification, and are able to tailor their experience and expertise to suit the needs of the clients and characteristics of the case to deliver the optimal customs service. our excellence in practice Leading Law Firm in South Korea by World Tax 2015 Leading Law Firm in South Korea by Tax Directors Handbook 2014 Highly Recommended Firm in South Korea in the Field of Tax Practice by Asialaw Profiles 2013, 2014 and 2015 Edition. Yoon & Yang Tax Practice Group s tax case named as 2010 South Korea Case of the Year by International Tax Review Mr. Seung-Soon Lim, Managing Partner, named as Leading Corporate Tax Lawyer by International Who s Who of Corporate Tax Lawyers 2013 and 2014 Edition, Law Business Research (UK) Mr. Oh-Young Jeon, Partner, named as Recommended Tax Lawyer by Tax Directors Handbook 2014

4 TAX PRACTICE Group GENERAL TAX ADVICE General corporate matters Restructuring, structured financing and real estate investments Structuring mergers and acquisitions and conducting tax due diligence Request for tax ruling and tax law revisions Domestic tax planning (e.g., share transfer, business transfer, inheritance tax and gift tax) The Tax Practice Group, through its exceptional expertise and experience in tax matters, is able to promptly respond clients tax issues and prevent future difficulties by suggesting precautionary measures and devising appropriate structure and solution. The tax advice provided by the Tax Practice Group, in addition to the general tax advisory services, covers M&A, restructuring, real estate investments, structuring financial transactions, inheritance tax planning, etc. Advised the share transfer of a non-listed company Advised the establishment of a company upon transfer of a parent company s shares and capital increase Advised the distribution of joint expenses incurred in department restructuring Advised the merger of a controlling company and its subsidiary Advised the increased equity of an oligopolistic shareholder with capital increase Advised a foreign company s purchase of real estate in Korea Provided advice on falsification of tax invoices under the Value-Added Tax Act Advised a corporate reshuffle TAX AUDIT Tax health check in preparation for tax audit and risk assessment Tax audit defense on general tax audit and special audit of tax evasion and tax criminals Tax audit defense on offshore tax evasion Tax audit defense on inheritance tax, gift tax and source of fund Tax audit defense on various tax audits focused on sales revenue omissions and bank account investigation Tax audit defense on conversion of convertible bonds into shares Tax audit defense on unsold commercials, executive bonus, and construction of a golf course In order to efficiently settle a tax dispute, it is necessary to be proactive at the stage of tax audit. The Tax Practice Group is composed of capable certified public tax accountants and certified public accountants with significant experience at the Seoul Regional Tax Office of the National Tax Service and led major projects at big four accounting firms. Furthermore, the Tax Practice Group has successfully developed distinctive strategies to minimize the tax risk during the tax audits based on its accumulated experiences and outstanding professional resources. Tax audit defense on commissions paid to guides and false-name bank accounts Tax audit defense on receipt of all types of rebate payments and slush fund formation Tax audit defense on the inheritance tax investigations

5 YOON&YANG LLC INTERNATIONAL TAXATION Transfer pricing planning/restructuring, global and local documentation, financial services transfer pricing Advance Pricing Agreements (APA) and Mutual Agreement Procedure (MAP) Inbound investments of foreign enterprises and funds, including tax efficient structures and tax reductions/exemptions Offshore investment strategies by Korean enterprises, including tax efficient investment and exit strategies Application of tax treaties and withholding tax matters Advised a foreign investment firm with establishment of an SPC in Korea Pursued a tax appeal on transfer pricing assessment of a multinational chemical enterprise Provided in-depth review of taxation effects from establishment of an overseas holding company in line with entry into foreign countries Advised a foreign private equity fund in transfer of shares of a Korean enterprise In accordance with the changes in the global economic environment, international taxation issues are becoming more significant and intertwined. The Tax Practice Group, in close collaboration with the foreign expert consultants practicing in foreign jurisdictions such as U.S., China, Japan, Germany, Netherlands, Russia, provides tax advices on numerous issues including foreign investment, domestic investment, tax haven, and double taxation to both domestic and foreign companies. In addition, transfer pricing issues, which are central to international tax, are becoming increasingly important for multi-national firms as well as overseas companies due to the recent aggressive tax audits. In response to this trend, the Tax Practice Group provides tax consulting services regarding Advance Pricing Agreements (APA) and Mutual Agreement Procedure (MAP) as precautionary measures for the prevention and resolution of disputes to both of financial services and non-financial services companies. Advised withholding tax matters on interests and gift income from issuance of offshore bonds Advised a multinational IT enterprise regarding the permanent establishment status of its Korean office and relevant tax issues Represented a foreign investment fund in pursuing tax reduction Advised a Korean non-profit enterprise s investment into a U.S. enterprise and Korean enterprise s entry into Uzbekistan and Russia

6 TAX PRACTICE Group TAX LITIGATION & DISPUTES Administrative tax appeal procedures (filing of review of tax imposition, administrative appeals and appeal to the Tax Tribunal) Administrative tax litigation (administrative court, appellate court, Supreme Court) Civil tax litigation (claim for tax refund from improper tax assessment) Criminal tax litigation Constitutional tax litigation The Tax Practice Group is composed of attorneys who, as former judges in the appellate courts and the Supreme Court, have the greatest knowledge and experience in tax litigation. As such, the Tax Practice Group has the ability to resolve various tax disputes through collaboration between certified public accountants with practical experience from leading accounting firms and certified public tax accountants with administrative experience at the National Tax Service and the Regional Tax Offices. The Tax Practice Group and its successful outcomes have led to development of new case law in the area of tax litigation. Organizing teams customized for particular disputes, the Tax Practice Group efficiently manages a wide range of matters, including tax administrative appeals, tax administrative proceedings and claims, civil litigation to claim tax refund from improper tax assessment, adjudication of constitutional issues regarding tax-related laws and regulations, and tax evasion criminal proceedings. Appeal of imposition of exempted acquisition tax on real estate funds Appeal of imposition of corporate tax on a foreignestablished company based on its place of business in Korea and the consequent constructive establishment as a domestic company Appeal of imposition of corporate tax on recognition of profits from conversion of convertible bonds into shares Appeals of imposition of comprehensive income tax regarding a ship owner residing abroad being deemed a domestic resident Appeal of imposition of corporate tax and other taxes on payments by an insurer and a guarantor under insurance and guarantee agreements Appeal of numerous cases regarding imposition of corporate tax and other taxes on assets deemed to constitute the real estate with non-business purposes Appeal of numerous cases concerning imposition of value-added tax with respect to a method of proportional calculation of input tax as well as value-added tax imposed on major gold bullion sellers in Korea Appeal of numerous criminal cases concerning violations of the Punishment of Tax Evaders Act Appeal of numerous cases concerning constitutional appeal on tax-related laws

7 YOON&YANG LLC CUSTOMS & TRADE HS Code Classification assessment for exported or imported goods FTA origin verification (written/on-site inspection) WTO and anti-dumping disputes Corporate customs audit (corporate/aeo/planning audit) Customs violation investigations (e.g. customs criminal /foreign currency criminal) and foreign currency inspections Administrative customs appeal procedures (filing of review of tax imposition, administrative appeals and appeal to the Tax Tribunal) Administrative customs litigation Advance Customs Valuation Agreement (ACVA) The Tax Practice Group offers the finest customs and legal services in the field of customs and international trade through the combined efforts of customs attorneys who have attained numerous years of experience as former heads and officials of the Ministry of Strategy and Finance, the Korean National Customs Service and nationwide customs offices. The Tax Practice Group, in close coordination with the Customs and Trade Practice Group, provides services in a wide range of customs and trade areas, including corporate customs audit (corporate audit, AEO audit, special audit), ACVA, assessment on HS code classification for exported or imported goods, FTA origin verification (written and on-site inspections), WTO conflicts and anti-dumping disputes, appeal on customs duties (filing of review of tax imposition, administrative appeals and appeal to the Tax Tribunal), administrative customs litigation, etc. Advised large Korean oil companies on additional tariff levied on crude oil Represented a multinational company in the advance classification ruling of medical equipment Advised the origin investigation of orange and footwear imported under the preferential tariff treatment of the Korea-US FTA Customs audit defense on the investigation of violations of the Customs Act and the Trademark Act with respect to unlawfully imported goods (e.g. garment materials, luxurious watches and highprice toy) Customs audit defense on the investigation on an allegation of violation of the Foreign Currency Transaction Act and of overseas flight of assets in connection with processing export Customs audit defense on the investigation on an allegation of tariff evasion with the undervalued declaration of Chinese garments and Japanese special vehicles Advised on the foreign currency inspection for an online game enterprise in which a foreign company makes investments Contacts Mr. Seung-Soon Lim, Managing Partner Tax Litigation T: +82 (0) E: sslim@yoonyang.com Mr. Oh-Young Jeon, Partner Tax Litigation T: +82 (0) E:oyjeon@yoonyang.com Mr. Shin-Jong Kang, Partner International Tax and Transfer Pricing T: +82 (0) E: sjkang@yoonyang.com Mr. Chong-Ahn Woo, Partner Customs & Trade T: +82 (0) E: wooca@yoonyang.com

8 YOON & YANG LLC 18th, 19th, 22nd, 23rd, 34th, Fl., ASEM Tower 517 Yeongdong-daero, Gangnam-gu, Seoul, , Korea Tel: Fax: Web-site: