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| Tax |
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Changes to the Presidential Decrees of Tax Laws for 2015 |
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| The new excess retained earnings tax applies to both domestic corporations and Korean subsidiaries of foreign corporations with shareholders’ equity exceeding KRW 50 billion (excluding small and medium-sized enterprises) for the fiscal year starting on or after January 1, 2015. Shareholders’ equity is calculated as total assets less total liabilities exclusive of unpaid corporate income tax. Read more
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| ENVIRONMENT
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Major Changes in Environmental Policy in 2015
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| The Act on the Registration, Evaluation, Etc. of Chemicals (“K-REACH”) and its subordinate regulations, i.e., the Enforcement Decree and the Enforcement Rules to K-REACH, took effect as of January 1, 2015. Under K-REACH, businesses handling chemicals are subject to more stringent government control; for instance, any person who intends to import (i) a new chemical, (ii) a pre-existing chemical of one ton or more per year, or (iii) a product containing hazardous chemicals, is required to file the respective report with the regulatory authority. Read more
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TECHNOLOGY, MEDIA & TELECOMMUNICATIONS
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Newly Issued Online Personal Information Processing Guidelines
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By announcing the Online Personal Information Processing Guidelines (the “Guidelines”) on November 12, 2014, the Korea Communications Commission (“KCC”) has further clarified the standards for (1) collecting minimum personal information, (2) destroying personal information, and (3) obtaining consent, as required under the Act on the Promotion of Information and Communications Network Use and Information Protection (the “Network Act”). Read more
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