A foreign-invested company that intends to receive a tax reduction or exemption or change the details of a business must file an application to the Minister of Economy and Finance (or to the administrative authority of a free trade zone when the company is located in such a zone).
※ Related law: Article 121.2.6 of the Restriction of Special Taxation Act
Applications can be filed to the International Economic Policy Division (+82-44-215-7625) of the Ministry of Economy and Finance. Foreign investors who intend to concurrently send notification of a foreign investment and apply for tax reductions or exemptions may file a foreign investment notification form and an application form for tax reductions or exemptions to a foreign exchange bank (trust bank) or KOTRA.
※ Related laws: Article 51.3 of the Enforcement Rules of the Restriction of Special Taxation Act, Public Notice No. 2017-10 of the Ministry of Economy and Finance (April 4, 2017), Article 5.2 of the Regulations Defining Tax Exemptions for Foreign Investment
In the case of a new investment, the deadline for application is the last day of the taxable year in which the business commenced. If the details of the business which has been granted a tax reduction or exemption have changed, an application for change must be filed no later than two years from the day that the reasons for the change arose.