New measures in Korea aim to simplify certain restructuring procedures for companies in certain industrial sectors deemed to be burdened with “overcapacity.” Specific tax support measures are provided for those eligible companies involved in a voluntary restructuring. The measures are expected to be effective 1 August 2016.
For instance, there is an extension of time for the payment of capital gains on certain stock transfers and an extension of the securities transaction tax. In addition, on the disposal of duplicate assets resulting from the merger, any gain on the asset transfer can be taxed over a three-year period.
Read a 2016 report [PDF 653 KB] prepared by the KPMG member firm in Korea: Korean Tax Brief
Other topics discussed in this KPMG report concerning:
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