Korea, Republic of

Korea Map

Korea is bordered by China to the northwest and Russia to the northeast, separated from Japan to the east by the Korea Strait and the East Sea (Sea of Japan), and separated from the Taiwan to the south by the East China Sea.

An independent Korean state or collection of states has existed almost continuously for several millennia. Between its initial unification in the seventh century (from three predecessor Korean states) until the 20th century, Korea existed as a single independent country. In 1905, following the Russo-Japanese War, Korea became a protectorate of imperial Japan, and, in 1910, it was annexed as a colony. Korea regained its independence following Japan's surrender to the United States in 1945. After World War II, a Republic of Korea (ROK) was set up in the southern half of the Korean Peninsula. The Republic of Korea (South Korea or Korea) is divided into nine provinces, with Seoul as the capital. The official language of South Korea is Korean, and the currency is the won (KRW).

Since the 1960s, South Korea has achieved an incredible record of growth and global integration to become a high-tech industrialised economy. In 2004, South Korea joined the trillion dollar club of world economies and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. Korea adopted numerous economic reforms following the global crisis, including greater openness to foreign investment and imports. Growth was recorded at 3.7%, 2.0%, and 2.8% for 2011, 2012, and 2013, respectively. South Korea’s per capita income is 18.7 times the level of North Korea.

Samil PwC has over 3,800 devoted professionals, with approximately 600 dedicated tax professionals and the largest tax practice in Korea. Our multidisciplinary team of tax professionals includes experts with tax, accounting, law, economics, and finance backgrounds. Many of our professionals have previously worked for various governmental bodies in the areas of national tax, customs, and local tax administration. Our senior professionals also regularly assist the Ministry of Strategy and Finance and the National Tax Service in establishing tax policies and implementing the relevant regulations.

Samil PwC has dedicated teams of professionals specialised in transfer pricing, global tax structuring, customs and international trade consulting, and international assignment, as well as human resource services. Industry-focused and product-specialised teams with deep expert knowledge, experience, and know-how are the true hallmarks of Samil PwC's Tax Practice.

Last Reviewed - 02 December 2014