Tax health check and tax audit assistance
Tax Health-check
Under ever-changing business circumstances, extensive experience and in-depth knowledge of accounting, tax laws as well as other business regulations are required to perform and deliver an effective tax health-check. Our tax health check practice is comprised of multi-disciplinary professionals including accountants, economists, industry specialists and former, high-level government officials, all of whom possess expertise and experience in relevant areas.
We can help companies identify potential taxation issues, explore resolutions and increase corporate value by effectively dealing with uncertainty in business management and limiting tax liability risks.
Tax audit assistance
In the recent years, the Korean tax authorities have continued to strengthen the audit capacity and intensity by augmenting data collection and analysis before intended tax audits. Also, the tax authorities have extended the coverage of tax audits to stock transfer, related party transactions, restructuring and international taxation of cross-border transactions.
This has resulted in an increases in additional tax assessment and liabilities resulted from tax audit. Also, this addresses the importance of appropriate audit defense techniques and professional advice based on accurate understanding and interpretation of tax laws because it is quite difficult for companies to respond on their own to audits and examinations initiated by the tax authorities.
Our audit assistance professionals have assisted in tax audits of major companies as well as small and medium sized companies in a variety of industries. Our tax audit service professionals can help companies effectively manage tax audits and develop strategies that could ensure the best possible outcome on tax audit, drawing on a broad spectrum of experiences that enable us to analyze industry-specific controversial issues and transactional evidences and collect favorable interpretations.
How we can support you
Tax Health-check
- Identify issues through a comprehensive review of tax compliance and treatment by taxation area and major accounts based on the understanding of management activities and industry-specific issues.
- Develop appropriate solutions to minimize possible tax exposures and risks based on in-depth review of issue-specific laws and regulations and the quantification of potential tax effect.
- Assist with application for rulings or interpretations by tax authorities on issues in question or dispute to minimize risks of uncertain tax liabilities from a possible challenge by the tax authorities.
- Perform a comprehensive review of tax reconciliation to ensure all opportunities to reduce tax liability or to obtain refund of overpaid tax are identified.
Tax audit assistance
- Review contents of information documents requested by a tax auditor to evaluate audit direction and assess potential ramifications and implications.
- Once challenges by the tax authority are identified, review the relevant laws and regulations and develop strategic options in order to minimize your company’s tax exposure risk.
- Assist in preparing position papers on controversial issues challenged by the tax authorities from an objective and independent point of view and discussions with field auditors on the position as necessary.
- Analyze and evaluate the feasibility of a tax appeal against an additional tax exposure identified during a tax audit.
