Korea, Republic of

Located between China and Japan, Korea is the centre of aviation and maritime logistics connecting the Asia-Pacific region, as well as Eurasia and the Americas. 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 2006, South Korea joined the trillion-dollar club of world economies. In 2022, Korea was the 13th largest economy in the world by the nominal gross domestic product (GDP) according to the World Bank. Korea’s economic fundamentals are solid, with its trade volume ranked ninth in the world as of 2020. 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.

More recently, the Korean government’s policy has focused on expanding investment and strengthening digital infrastructure in the country through its Digital New Deal policy. According to the World Economic Forum (WEF), the dissemination of information and communication technologies (ICT) in Korea has ranked first in the world. Korea succeeded in commercialising the world’s first 5G network (April 2019), proving that the country is a global leader in the ICT field. During 2021, the Korean economy recorded a growth rate of 4.1%. The growth rate declined to 2.6% in 2022 and is estimated to further decline to 1.4% in 2023. South Korea’s per capita gross national income was 29.7 times the level of North Korea in 2022.

Samil PwC has over 3,600 devoted professionals, with approximately 720 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. We also have tax advisers and experts who previously worked for various governmental bodies in the areas of national tax, customs, and local tax administration. Our senior professionals also provide advice as external specialists to assist the Ministry of Economy 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, tax controversy and dispute resolution, private equity tax, and tax managed services, as well as people and organisation 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.