List of low tax jurisdiction to be published

The South Korean Ministry of Finance and Economy (MOFE) will publish a list of the jurisdictions that are subject to Art. 98-5 of the Corporation Tax Law (the special withholding rules) on 30 June 2006. The list will take effect as from 1 July 2006; currently, only the Malaysian island of Labuan (i.e. an island with an offshore tax regime) is listed. The list will be reviewed by the MOFE periodically. Jurisdictions with harmful tax regimes, or that are aggressively used for the …