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Korean Tax Blog

November 23, 2020

Audit firms are ready for providing services for this cash fraud, since a lot of SME(Small and Medium Entity) worried about this fraud since there is a systematic segregation issues because of lack of manpower.

This process is very simple like; Order process/receiving/payment, usually just a one person or 2 do it all in SMEs.

To prevent proactively, you need to check your payment periodically, the following is the things I recommend;

1. Register your mobile(Korean mobile) at the bank, so...

September 3, 2020

The following is major amendment for Lessee from July 31, 2020;

1. Lessee can ask renewal once, so totally 4 year-long lease term guaranteed.

2. Rent price is frozen in 5% cap, even can't raise it without a proper reason with agreement with the lessee

3. For renewal claim, landlord can refuse if he want to move in by himself.

If this is the case, lessee can check it after a certain period,

 if it's a lie, there will be a penalty to the landlord.

The Housing Lease Protection Act[3] (주택임대차보호법/住宅賃貸借保護法)...

August 8, 2020

Set up a not-for-profit organization is a good idea for getting the E-7 VISA in Korea, it's called a liaison office or representative office in Korea for a foreign investor who want to study for a market situation of Korea without capital injection.

This liaison office is a kind of branch, but can't do any activities for profit, only can do a kind of a cost center.

This simple organization can't issue an invoice to earn or sales but still can hire employees, and join to the social security progra...

July 1, 2020

Seoul city hall decided to pay the Stimulus check to foreigners, it's around 30bil.won on June 30.

More details like payment amount, eligibility will be release soon through the website.

Basically this is based on the resident address where is living.

So more details will be announced soon, I'll put it here immediately when it's released.


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Joseph SY Zoh

CPA, California, a member of AICPA  |  Jz Associates/Tax Accounting Firm Hae-An

F:+82-31-273-5078  |  Skype: joezoh  |  Email:

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Korean Tax Blog

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