YULCHON

Introduction

Yulchon’s Tax Group is widely regarded as the best tax practice in Korea due to its competence in sophisticated tax planning and precise execution .  We successfully resolve both domestic and international tax disputes on behalf of our clients.

Yulchon’s  Tax Group is composed of highly qualified tax attorneys and tax advisors who are recognized as leading authorities and experts in the tax field. The members of our tax group have acquired their extensive expertise and experience in the course of practice at major domestic and international law firms. Our tax professionals include a former Chief Research Judge of the Korean Supreme Court, a former Deputy Director for the National Tax Service who served as Director of Corporation Taxation, International Taxation, and Income Taxation divisions of the Ministry of Strategy and Finance, a number of former officials at various government agencies and renowned professors of tax law. This collective experience, together with our close ties with the National Tax Service, National Tax Tribunal, and the Ministry of Strategy and Finance, places Yulchon’s tax group in the best position to advise and represent clients.

The tax group has a broad-based international and domestic tax practice and possesses capabilities in multi-jurisdictional transactions. The tax group provides all manner of tax planning, dispute resolution, legislative, administrative and policy-related services to numerous clients including corporations, financial institutions, and individuals. More specifically, Yulchon’s tax group has substantial experience in planning, structuring, and negotiating the tax aspects of all types of domestic and cross-border transactions, including corporate financing, acquisitions, divestitures, joint ventures, reorganizations, structured finance, and derivative transactions. The tax group has assisted multinational clients in the development and implementation of programs to achieve worldwide tax efficiency through various techniques, including the use of tax treaty networks, hybrid instruments, tax deferral techniques, amendments to inter-company transfer pricing policies, the establishment of asset-based financing structures, and structured financial products. The tax group also acts as advisors to the Korean government in its efforts to restructure and better administer the tax laws.

To provide our clients with in-depth, multidimensional legal and tax services in connection with their overseas business operations, Yulchon has established its presence, either directly or indirectly, in China, Russia, Vietnam, Cambodia, Kazakhstan, and Uzbekistan by establishing branch and/or liaison offices and forming a network of strategic partners.

Accolades and Distinctions

• In 2008, we were recognized as the best law firm tax practice group by two reputable and well-known publications, Chambers Asia and Asian Counsel.
• The Tax Directors Handbook 2008 ranked Yulchon as a first-tier tax law firm in Korea.  The publication also highlighted Yulchon’s tax professionals, Sai Ree Yun and Jay Shim, as two of Korea’s best known tax experts, and acknowledged the tax group’s recent involvement in two deals: Samsung General Chemicals (SGC) joint venture with Atofina of France valued at USD 755 million and the merger of Kookmin Bank and Housing & Commercial Bank for a resulting total asset value of approximately USD 121 billion.
• In a recent survey by Chosun Ilbo, a leading and influential daily newspaper, 19 out of 30 legal departments at the largest Korean corporations voted Yulchon as having the best tax practice. In stark contrast, no other firm received more than two votes. 
• Chosun Ilbo also selected Yulchon’s tax professional, Soon Moo Soh, as the best tax lawyer in Korea for 2008.
• Our tax practice group was acknowledged as 2007 Firm of the Year by Asian Counsel.

Major Practice Areas

i. Tax Controversy

• Advise and represent clients in administrative tax controversies, civil and criminal tax trials and appeals in the Korean courts, including the Constitutional Courts.
• Represent clients in transfer pricing controversies as well as customs duty audits and controversies.
• Advise and represent clients in tax audits.

ii. Tax Consulting

• Advise on tax planning and projections in connection with all forms of business transactions to minimize tax costs 
• Advise on tax implications of domestic and international transactions by multinational enterprises
• Assist multinational clients in the development and implementation of programs to achieve worldwide tax efficiency through various techniques, including the use of favorable treaties, hybrid instruments, techniques for tax deferral, etc.
• Advise on structuring tax-free or tax-efficient reorganizations including acquisitions, combinations, and spin-offs.
• Advise on tax compliance and other procedural issues relating to company operations.
• Advise on avoiding controversies and penalties on transfer pricing adjustments and assist clients in obtaining advance pricing agreements. 
• Advocate clients’ positions on tax issues to the government agencies such as Ministry of Strategy and Finance and the National Tax Service through legislative support and lobbying efforts.