The Ministry of Finance and Strategy has released a long anticipated procedure for claiming reduced withholding tax rates under tax treaties. The procedure is effective for all income payments subject to withholding tax made on or after 1 July 2012. Thekeyfeatures of theprocedure are as follows:
| - | The beneficial owner (a foreign company or a non-resident individual) is required to submit an "Application for Reduced Treaty Rate on Korean Source Income" to the wi… |