Corporate Tax – Korea

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Transforming Tax Compliance

Demands surrounding corporate tax compliance are increasingly complex in today’s changing environment. Common concerns relate to data integrity, data transparency, risk management, and the requirement to respond flexibly to changing regulations such as electronic filing.

There are regulatory and professional business risks for those companies that get it wrong. It is increasingly necessary to ensure adequate controls are in place to manage risk, withstand tax authority audits, and avoid penalties.

Many organizations continue to find that their tax experts are consumed by the manual aspects of the compliance process, such as data collection and the presentation of disclosures, instead of how to add value to the business. Internally developed tools may help address some of the challenges, but their maintenance can be time-consuming and costly, especially where such work is not the core function of the resource undertaking it.

Thomson Reuters can help address all these issues with our ONESOURCE Corporate Tax solution.

ONESOURCE Corporate Tax Korea offers:

  • Intuitive software with minimal training requirements
  • Automated data import from accounting systems
  • Automatic roll-forward of prior year data
  • Fully maintained tax calculations and rates, without the need for independent safeguards or audit committee approvals
  • Built-in return forms, including corporate income tax returns, tax exemptions/credit returns, and related party forms
  • E-filing functionality
  • Automatic validation of input data
  • Full audit trail of changes
  • Calculation schedules and returns available in Korean and English
  • Ability to print returns directly from the software
  • Automatic generation of files for electronic return submission to the NTS

ONESOURCE Corporate Tax Korea is just one of the many ways Thomson Reuters continues to break boundaries in the world of tax and accounting. It’s part of our commitment to create innovative solutions that help you manage your tax challenges wherever you do business.