Korea, Republic of
In general, a branch office of a foreign corporation is taxed for Korean-source business profits in the same manner as resident companies.
Remittance of accumulated profits or retained earnings from a Korean branch to its foreign head office is subject to reporting to a designated foreign exchange bank in Korea under the Foreign Exchange Transaction Act.
If the tax treaty between Korea and the country in which a foreign head office is residing allows the imposition of a branch profits tax, the tax is imposed on the adjusted taxable income of the Korean branch.
Where applicable, the branch profits tax is levied in addition to the regular CIT, which is imposed at the rate of 20% (or at a reduced rate as provided in an applicable tax treaty).