Korea has a distinct tax and regulatory system that requires not only local compliance expertise, but an in-depth understanding of your specific company. International businesses in Korea need to comply with tax regulations in Korea, but they also need to perform strongly. Calibre Korea is dedicated to not only helping you navigate your tax obligations but also to finding tax options that many other firms overlook.

Our tax compliance services include:

• Inbound tax planning and structuring
• Outbound tax planning and structuring within Asia-Pacific region
• Tax audit solutions for internal businesses of all sizes
• Tax controversy and dispute resolution
• Application for ruling
• Inheritance and gift tax advisory
• Transfer pricing

Managing payroll in Korea requires a faultless understanding of labour laws and tax regulations that are highly-specific to Korea. The ideal accounting team will not only ensure compliance, but also find unique payroll solutions that manage your staffing in local and international contexts. Key payroll issues you must deal with in Korea as a foreign business include payroll run, social insurances and tax compliance for payroll.

Our payroll services include:

• Monthly payroll processing
• Four types of national social insurance – on-boarding, off-boarding and compliance
• Monthly withholding tax return
• Monthly resident tax – employee portion
• Employee exit procedures, compliance and tax filings
• Year-end tax reporting for all employees

We have developed our Calibre Korea office around the vision of providing a qualitative difference in business advisory and Virtual CFO services. Our professional accountants and business advisors bring to the table not just an in-depth and broad understanding of business in Korea, but also a genuine understanding of business and accounting in Australia, China, Vietnam and the entire Asia-Pacific.

Our business advisory services include:

Virtual Accounting:

• Cloud accounting solution using Douzone Smart A Cloud in Korean, and Xero, QuickBooks or MS Dynamics NAV in English
• Accounts Payable, Accounts Receivable, and Accounts reconciliation
• Electronic tax invoicing
• Quarterly VAT return
• Corporate income tax returns – annual return, interim return and local income tax return

Virtual Corporate Secretary:

• Establishment of your business entities – a corporation, branch office or liaison office
• Change of the registered directors and addresses
• Support for preparation of AGM/ EGM minutes and board meeting minutes
• Maintenance of corporate documents

Virtual CFO/Controller Services

• Management reports prepared in a format tailored to your business needs
• Giving advice on accounting, tax and other regulatory issues with a special focus on international business in Korea
• Supporting full compliance with the Foreign Exchange Transactions Act (FETA) and the related rules and regulations
• Tax planning, operational reviews, and business planning
• Preparation of statutory financial statements with note disclosure for statutory audit
• Supporting financial statements audit

Virtual Treasury Officer

• Fortnightly payment run – vendors, employees, and taxes
• Preparation of bank transaction summary reports
• Maintenance of passbooks, digital certifies and OTP

Calibre Business Advisory emphasises trustworthiness in its audit and assurance services. Our key difference lies in how we exemplify this trust by the carefulness of our risk-based auditing and the amount of time we invest in understanding your business. Our auditors have an expert understanding of specific Korean financial reporting requirements in accordance with K-IFRS and K-GAAP.

Our audit and assurance services include:

• Financial statements auditing and preparation
• Assistance with preparations for statutory audits or reviews
• Agreed-upon procedures engagements
• Internal control reviews
• Financial due diligence
• Government grant and acquittal auditing
• Coaching/ Mentoring of Finance teams