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Domestic Financial Environment

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Domestic Financial Environment

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Tax/account settlement

Overview

Accounting/Auditing

Compliance with IFRS standards based on the International Accounting Standards as well as accounting
for the maintenance and compliance of licenses for financial institutions.
Check for compliance with the accounting standards that are applied to collective investment schemes,
trust companies and special financial sectors

Financial institutions disclosure

Company information disclosure by financial investment companies,
management information disclosure, regular management reporting on main business issues,
funds disclosure, and compliance with the standards for periodic and ad hoc disclosures.

Tax system

Taxes in Korea are largely divided into national taxes and local taxes.
National tax includes corporate tax, VAT, income tax, capital gains tax, securities transaction tax, and customs tax.
Local taxes are classified into acquisition tax, registration and license tax, property tax, automobile tax,
local income tax, and local education tax etc.

Internal control

There are 17 components of internal control to comply with
(5 types of control environments, 4 types of risk assessment, 3 types of control activities,
3 types of information and communication, and 2 types of monitoring activities)

Supporting services

Accounting for financial investment companies

Detailed information on financial institutions' accounting standards, accounting guidelines, and accounting standards for each industry are to be provided.

Tax reduction and exemption support

Reduction or exemption based on the Restriction of the Special Taxation Act by confirming the standards for businesses subject to tax reduction or exemption as well as the investment amount, and the provision of the standard for reduction or exemption of special taxation for foreign workers

Accounting tax consultation

Provision of a real-time online comprehensive foreign investment counseling channel for tax consultation for Seoul city's affiliated institutions.

Agency list

Provisin of an information list of agencies that carry out accounting tasks, audits, and other work.

Related institutions

  • Invest Korea Invest Korea Invest Korea
    Invest Korea

    The foreign investment attraction platform (Invest Korea Market Place) and the Investment Consulting Center (ICC) are in operation.

  • 서울글로벌센터 서울글로벌센터 서울글로벌센터
    Seoul Global Center

    Tax advice
    -Monday 14:00 – 17:00
    -Limited to 30 minutes at a time
    -Can receive up to 3 consultations on the same subject

  • 서울기업지원센터 서울기업지원센터 서울기업지원센터
    Seoul Business Support Center

    Consultation with certified experts
    Tax accountant /Accountant : Every Thursday (13:00 – 18:00)

  • 국세청 국세청 국세청
    National Tax Service

    Tax relief consultation

  • 관세청 관세청 관세청
    Korea Customs Service

    Guidance and information on the four major social insurance policies, administrative work support (e.g. how to file withdrawal reports)

  • KOTRA KOTRA KOTRA
    KOTRA

    Tax, accounting and consulting services