The World Class Enterprise Association held a special lecture on taxation issues related to overseas market entry for companies preparing to expand abroad.
The lecture took place on the 29th at the main lecture hall of Seoul National University of Education, with about 40 members of the World Class Enterprise Association attending.
The lecturer was Attorney Choi Seon-jip, an advisor to the World Class Enterprise Association and a former lawyer at Kim & Chang law firm. Attorney Choi has also served as an advisory member for the Financial Supervisory Service, the Ministry of Government Legislation's Legal Interpretation Committee, and the Korea Institute of Public Finance.
In this lecture, Attorney Choi spoke on the topic of "Overseas Expansion and Taxation Issues." He compared domestic and foreign tax laws and rates, and explained tax policies that companies should be aware of when expanding overseas, such as corporate residency issues and classification of source income, using case studies.
Attorney Choi emphasized, "Without consideration of tax laws when expanding overseas, there is a possibility that a significant portion of hard-earned profits could be lost to taxes," adding, "It is necessary to properly utilize tax deduction benefits based on an understanding of foreign tax laws to legally reduce tax burdens."
The World Class Enterprise Association stated, "With the growth limits of the domestic market, overseas expansion has become not a choice but a necessity for our companies," and added, "As cooperation with foreign companies, including joint research and development, is increasing beyond direct expansion, we hope this lecture was helpful to the members of the World Class Enterprise Association."
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