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Yulchon"s Tax Group is acknowledged globally for its competency and problem-solving ability. In Korea,the Group won the first place in tax area according to the survey conducted by leading Korean newspaper on major Korean companies and, internationally, the prominent foreign media has chosen Yulchon as a first-tier firm within Tax and as the “Firm of the Year”.

Organized with over 60 tax experts including tax lawyers with extensive experience in courts and law firms, certified public accountants who previously worked for Korean and overseas accounting firms, and tax attorneys and customs attorneys with their experiences in National Tax Service, Korea Customs Services and Tax Tribunals, Yulchon"s Tax Group is striving to achieve client satisfaction through organizing optimum experts teams for each client’s case to create a synergy effect.

Yulchon"s Tax Group provides full legal services to give solutions to clients from tax planning to acquisition of authoritative rulings from National Tax Service, Korea Customs Services and the Ministry of Strategy and Finance, examination and response to tax investigations, appealing to the tax tribunal, and tax litigation. Also the Group is performing overall legal services on tax controversy matters by having an exclusive team for foreign enterprises investing in Korea and Korean enterprises investing in overseas to keep pace with globalizing world economy.

Major Practice Areas

  • Tax Litigation

     - Administrative adjudications (pre-assessment review request to the tax authorities, administrative objections
       and appeals, and appeals to the Tax Tribunals)
     - Tax appeals to Administrative Courts  
     - Civil tax litigation (requests for refund)
     - Constitutional tax litigation
 

  • Tax Planning and Consulting

     - Tax consulting to general corporations (request for advanced rulings and tax rulings)
     - Tax advice in respect of corporate restructuring
     - Tax consultancy on structuring and implementing financial products
     - Tax planning for personal assets and investments in real estate
 

  • Tax Legislative Services

     - Enacting tax legislations
     - Amending tax legislations
 

  • International Taxation

     - Tax advice on domestic and international transactions by multinational companies
     - Tax advice on outbound transactions by domestic corporations 
     - Structuring joint ventures and investment funds
     - APA (Advance Pricing Agreement)
     - Tax advice on transfer pricing
 

  • Tax Audit

     - Pre-audit Consulting
     - Tax Audit Defense
 

  • Customs
     - Representing clients in customs’ audit and investigation
     - Adjudication (examination) requests on customs 
     - Administrative appeals and litigation in respect of customs
     - Advance customs valuation agreement and country-of-origin disputes

  • Tax Crime Litigation

     - Tax fraud
     - Customs duty evasion
     - Criminal tax litigation
   

  • Family Business Succession, Inheritance and Gift

     - Planning for succession of family business
     - Reporting of inheritance tax
     - Consultation on gift tax  

Transaction Advice: Authoritative Interpretation

  • Advised Seagate Technology in relation to the optimal structure for acquisition of Samsung Electronics" HDD business and successfully obtained the authoritative interpretation from the tax authority.
  • Advised Morgan Stanley on tax matters with respect to the refinancing transaction of more than KRW 800 billion in connection with the acquisition of Seoul Square, formerly known as Daewoo Building. 
  • Provided ING Real Estate with tax advices on various tax issues with respect to the sale of ING Tower in Yeoksam-dong to KB Asset Management at the price of approximately KRW 400 billion.
  • Advised on overall tax matters in relation to the merger between KT and KTF with a combined asset value of approximately KRW 24 trillion.
  • Advised Lotte Shopping on various tax matters including tax-efficient structuring for acquisition of GS Mart and GS Department store at approximately KRW 1.34 trillion.
  • Provided tax advice to Shinhan BNP Paribas Asset Management in relation to its real-estate private equity fund’s disposal of Center 1 building in Jung-gu, Seoul, valued at approximately KRW 530 billion. 
  • Provided tax advice in relation to the merger between Samsung Electronics Co., Ltd. and Samsung LED Co., Ltd
  • Provided tax advice in relation to Hyundai Motor Company’s acquisition of Green Cross Life Insurance.
  • Successfully obtained a tax ruling that waiver fees provided by Hyundai Capital to ABS creditors are not subject to withholding and received a full refund of tax amount the client paid on this basis.

Tax Tribunal cases

  • Successfully represented Coca-Cola in the en banc case at the Tax Tribunal regarding the imposition of the value added tax of approximately KRW 10 billion on Coca-Cola’s advertising expenses
  • Successfully represented STATS ChipPAC Korea, a global semiconductor test and packaging service provider, in Tax Tribunal cases in relation to the interpretation of tax treaties.    
  • Obtained a ruling from the Tax Tribunal of the invalidity of tax penalties of approximately KRW 130 billion on Kyobo Life Insurance due to non-compliance with legal requirements for IPO.
  • Obtained a favorable decision from the Tax Tribunal en banc regarding the imposition of the value added tax of approximately KRW 22 billion on the basis that the services provided in the subsidiary company by an employee of National Agricultural Cooperative Federation are taxable.
  • Obtained a decision that cancelled the corporate income tax imposed on Shinsegae Co., Ltd., in relation to the acquisition of the stocks of Westin Chosun Hotel.

Court cases

  • Obtained a judgment in favor of the plaintiff, City Group, for all issues raised by the plaintiff regarding the imposition of securities transaction tax of KRW 6.3 billion. It is a leading case to confirm that depository receipts are not subject to securities transaction tax.
  • Represented Samsung Electronics and won a decision on cancellation of customs of approximately KRW 160 billion imposed on Multi-Chip-Package. This was the first Supreme Court decision on the issue above obtained among eight companies including Samsung. 
  • Represented in a leading case on acknowledgment of deductibility of expenses for stock options. This is a highly influential case for tax accounting of other companies that provided stock options.  
  • Represented Humax Co., Ltd, a global manufacturer of digital set-top boxes, and won a lawsuit on the applicability of special tax exemption on gains from exercise of stock options.
  • Represented a shareholder of GM Entertainment, an entertainment management agent, and obtained a decision to cancel the imposition of gift tax.
  • Represented Shinhan Bank and others in a lawsuit against taxation of Japanese Yen Swap Time Deposit. Yulchon was the first law firm to obtain a decision in favor of the taxpayer from the trial court and from the Supreme Court.
more
more
  • Tax Annual Report 2016  pdf
  • Korea’s Customs Valuation Method for Transaction Value Between Related Parties, Global Trade and Customs Journal (2017)  pdf
  • Valuating Unlisted Stocks based on Predicted Future Earnings : Interpretative and Legislative Solutions to Tax Issues, Seoul Tax Law Review 22-2 (August 2016) 
more

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